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EUR/USD lower on the day after Greece misses IMF payment

After Greece missed the ~1.5 billion euro payment to the IMF and its bailout officially expired,  critical talks are continuing in Athens, Frankfurt and Brussels.

EUR/USD is sliding lower, but  is far from collapsing. Here are the latest updates and the timetable for today:

  • Polls are beginning to emerge towards the Greferendum on Sunday.  One polls shows 46% NO and 37% YES. The rest are undecided and it is clear that the  fact that banks are closed helps the YES campaign.
  • Merkel says there is nothing to  negotiate before Sunday.
  • But French finance minister Sapin  says there is an intention to reach a deal before Sunday.
  • The IMF is officially “considering” the request from Greece to delay the payment, but in any case, Greece is officially only in “arrears” and not in “default”. In any case, Greece joins a club of developing countries with the lack of IMF payment.
  • Some Greek banks open today for pensioners: these can withdraw 120 euros per day, double the amount that other people can.
  • European stock markets open up, after two days of falls.

Timetable:

  • 10:00 ECB meets to talk about the ELA. They are not expected to cut support, but could tighten collateral  requirements.
  • 15:30 Eurogroup has another teleconference  to talk Greece. Yesterday they rejected extending the bailout nor Greece’s new 2 year proposal. They were originally expected to convene at 9:30 GMT.

Greek crisis – all the updates in one place

EUR/USD has turned lower. Support awaits at 1.1050, resistance at 1.1160. We have actually seen this yesterday.

Goldman Sachs sees EUR/USD near parity if the  situation deteriorates.

Here is the chart:

Euro dollar July 1 2015 technical chart Greece missed IMF payment

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.