Not much movement so far this morning although the EUR crosses are mildly higher after the ‘gas-bagging’ from various EU leaders. EUR/JPY is at 123.20 and EUR/GBP is at .9010. This whole Greece situation has developed into a stand-off between hedge funds and Sovereign players and it remains to be seen who blinks first.
The Icelandic people are obviously all FX traders as they have taken a punt on the EUR and GBP continuing to fall, thereby reducing any future payments. Or?
Good luck today.
