21 Jul 2015
Stay short EUR/USD even if Grexit risk removed - BNP Paribas
FXStreet (Bali) - Despite Greece being pushed out of the focus, the FX Strategy Team at BNP Paribas still endorses the idea of playing shorts in EUR/USD.
Key Quotes
"Greece is expected to make its bond payment to the ECB today after the EU countries agreed on a bridge loan Friday and the necessary parliamentary approval was passed over the weekend."
"Substantial progress has been made with the likelihood of a Grexit declining dramatically. However, negotiations on a new loan program are only beginning and are likely to prove challenging."
"On the macro front, amid a quite week on the data calendar a key release will be the flash PMIs on Friday. Last week ECB President Draghi suggested he has not turned more bearish on the macro outlook, but the PMIs may tell a different story."
Key Quotes
"Greece is expected to make its bond payment to the ECB today after the EU countries agreed on a bridge loan Friday and the necessary parliamentary approval was passed over the weekend."
"Substantial progress has been made with the likelihood of a Grexit declining dramatically. However, negotiations on a new loan program are only beginning and are likely to prove challenging."
"On the macro front, amid a quite week on the data calendar a key release will be the flash PMIs on Friday. Last week ECB President Draghi suggested he has not turned more bearish on the macro outlook, but the PMIs may tell a different story."