With Greece having lost its EU funding lifeline and public unrest growing, speculation of a possible Syriza cave-in ahead of Sunday’s scheduled referendum could dominate EUR/USD trading today.
Is such a cave-in possible following the spectacular brinkmanship of Alexis Tsipras over the past two weeks? ‘Yes’ provided the 19 EMU finance ministers (set to confer again today) accommodate at least some of the additional flexibility requested in yesterday’s new bailout terms.
Therefore while Sunday’s referendum may still go ahead, EUR/USD risks appear biased – today at least – toward it being avoided.
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