Intraday Analysis from FXMarketAlerts.com
Receive FREE Weekly Strategies.Published at 00:49 (GMT) 22 Mar
Euro seen hurt by ongoing "resistance/opposition" from Germany on Eurozone/EU aid for Greece, EUR at 1.3510-13, EUR/JPY 122.25-30, EUR/GBP 0.9011-12, EUR/CHF 1.4338-40. Telegraph piece by AEP : So after weeks of Euro-bluff it looks ever more like an IMF rescue for Greece after all, and hence for any other eurozone nation driven to ruin by the wrong monetary policy. German and Dutch leaders have concluded in the nick of time that they cannot defy the will of their sovereign parliaments by propping up a country that lied about its deficits, or risk court defeats by breaching the no-bail-out clause in Article 125 of the EU Treaties. The failure of EU leaders to cobble together a plausible bail-out – if that is what occurs at this week's Brussels summit – is a 'game-changer' in market parlance. Eurogroup Jean-Claude Juncker said last month that such an outcome would shatter the credibility of monetary union. WL
