Hopes of an agreement being sorted between Greece and its private bondholders dashed yesterday due to the oppositions of some of the Greek political leaders. Towards additional spending cuts demanded by the lenders as well as a disagreement between the IMF and Germany on the involvement of the ECB in the bond swap.
The creditors in Greece doubt the country’s ability to carry out all of the necessary reforms n order to reduce debt and have demanded more austerity measured which the Greek officials have said no to as they fear that implementing them would further aggravate an already serous recession in the country.
The EUR/USD is expected to remain capped by a key resistance line located at 1.3245/50 despite the pair’s recent advancement.
The GBP/USD uptrend is expected to continue from support level 1.5790 which will be followed by reaching resistance level 1.5955.
The APPRECIATION OF THE Swiss franc against the single currency appears to be unstoppable with SNB’s interim President T Jordan saying the bank is ready to buy EUR/CHF in unlimited quantities in an effort to cut down the downside that has been accelerated after the SNB quarterly meeting last December.
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