Published at 02:32 (GMT) 30 Jul
Guardian: Romanian economist Delia Velculescu, chosen to lead IMF's negotiating team in Greece, was dubbed the "iron lady" during the fraught talks over Cyprus's bailout. Given the poor relationship between Greece and its creditors, her toughness will be tested anew in the coming days.
Velculescu arrives in Athens on Thurs amid uncertainty over IMF's willingness to throw its weight behind a third bailout. Greek PM Alexis Tsipras hopes to negotiate a deal before 20 August, but the IMF will subject any agreement to rigorous examination.
IMF has indicated that it regards Greece's debt burden as unsustainable, and any new deal must include debt relief. It is far from clear whether Athens' eurozone creditors are ready to offer this.
On FX, focus on IMF, EU bailout talks with Greece. Given focus on the head of the IMF team, Dr Velculescu. As seen above, could expect some "tough negotiations"? Good to watch if IMF - which has not really committed to the third bailout - will join in. Given its stance that Greece needs debt relief - seen opposed by Germany and other northern eurozone members.
EUR/USD at 1.0971-75, within 35-40 range of 1.0960 to 1.0990 so far. Offers at 1.1000-10, bids at 1.0950-60. Stoploss below 1.0940. More stops below 1.0900. Eye hedge funds, models, US and UK clearers, Swiss supranational sales. Bids from European corporates, and real money.
EUR/CHF at 1.0626-30, offers at 1.0680-00, eye any SNB rumours. As SNB wants to see EUR/CHF back above key 1.10?
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