Reports are emerging that the list of reforms submitted by the Greek government will receive an approval. A Eurogroup teleconference commences at 13:00 GMT to debate this. Earlier in the day, the euro reflected some doubts and slid lower, yet within the range.
EUR/USD is still stuck in range. Will it rise? Other forces are in play as well.
The letter sent by Greek finance minister Yanis Varoufakis to his euro-zone peers appears to offer quite a few concessions. It may cause trouble at home, but could be applauded by his colleagues, even in Spain and Germany.
The Spanish right wing government led by Mariano Rajoy, has boxed before international demands and triggered the rise of the anti-austerity Podemos party. It has opposed Greece’s will, but has now changed its mind:
RAJOY SAYS SPAIN VERY SATISFIED BY DEAL WITH GREECE
“” Jonathan Ferro (@FerroTV) February 24, 2015
There are other events on the agenda today. One hour after the teleconference begins, ECB president Mario Draghi is set to speak. Until the Greek crisis made a comeback, he was certainly the biggest euro mover.
And from the other side of the equation, Fed Chair Janet Yellen is set to testify at 15:00 GMT. These will both serve as reminders about the monetary policy divergence that weighs on euro/dollar, and is likely more powerful than news from Greece, good or bad.
More: EUR Looking Heavy With General Bearish Price Action – RBS
Here is how it looks on the chart – a very tight range:
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