Published at 01:15 (GMT) 02 Jul
Kathimerini: Just a few hours after submitting a new Greek proposal to creditors that offered some concessions in an apparent bid to reach a deal, PM Alexis Tsipras gave a televised address underscoring his commitment to proceed with a referendum on a proposal tabled by creditors to Greece.
The speech by PM Tsipras fueled confusion as his defiance opposite Greece's creditors was clear in his insistence that he would proceed with a referendum. He repeated his call for citizens to vote "No" to creditors' demands.
An aide close to Tsipras told Kathimerini that, in the event that the "Yes" vote prevails, Tsipras will go to Brussels to tell creditors that the people decided to accept their proposal. Asked whether Tsipras's govt would enforce creditors' proposals, the aide indicated that it would not and would call snap elections for the fall. In the event of a "No" victory, "then things will be simple," the official said without elaborating.
On FX, EUR, EUR/Crosses weighed by the above confusion and conflicting moves seen by markets. Focus on polls for indication of "yes (Nai?)" and "No (o'hi?)" votes. Also pressure on PM Alexis Tsipras to resign? Good to watch.
EUR/USD at 1.1043-45, offers at 1.1080-00, bids at 1.1000-10, stoploss on break. more downside seen.
EUR/CHF surprisingly "bid" at 1.0470-73, not surprised if SNB has been intervening to support the cross. Given concerns over Capital flight into safe haven CHF. SNB bids now 1.04 lows? Offers at 1.0500/1.0550.
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