Bloomberg is reporting that efforts are intensifying towards reaching a deal on Sunday, after Greek Prime Minister Alexis Tsipras has become more involved in the talks.
This doesn’t help the euro so far: EUR/USD is weighed down by some better than expected US figures, but in general, remains well above the critical 1.1050 line it broke yesterday. Update: EUR/USD is feeling a big better and rising to 1.1140. This could be related to this report.
The never ending deadlines to resolve the Greek crisis have been exhausting many market participants. The latest one was May 11th. If a deal is reached on Sunday, May 3rd, that would be 8 days ahead of schedule. Usually deals are made just after the last minute.
Outspoken Greek finance minister Yanis Varoufakis was sidelined recently. Varoufakis and his colleagues didn’t get along together to say the least.
Nevertheless, it is still to be seen if the reports about advance in talks, which Varoufakis himself described as “better than the media reports” mean a big compromise by Greece.
More: 3 scenarios For Greece & Technical Outlook For EUR/USD – JP Morgan
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