Still no deal from Greece with its private creditors is starting to weigh heavily on the Euro. The Euro declined against most of the other major currencies and could continue to do so until there is some clarity on Greece’s position. A default still hasn’t been ruled out and if Greece can’t satisfy both its private creditors, the IMF and the EU that it has the situation under control it could well be declared bankrupt by the end of March.
Sterling isn’t out of the woods just yet as investors are concerned that the austerity measures put in place to keep the UK’s AAA credit rating could hinder any growth going forward. The Dollar could well become established again as the safe haven of choice over the coming months as investors seem to favour growth over austerity.
With a lot of financial data released this week many will be watching to see if there are any announcements from either the Bank of England or the European Central Bank this Thursday. The markets will be looking for any possible announcement regarding quantitative easing from the BofE as rates look set to remain on hold. The main interest will be in Mario Draghi’s press conference after the ECB rate decision and is bound to focus in Greece if the current situation isn’t resolved.
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