Waiting on Greece
EUR/USD is testing 1.1000 once again after touching as high as 1.1125 in Europe. The daily candle is looking increasingly bearish as it falls toward the lowest closing level of the week.
The market has been waiting all day for the Greek proposal all day. It's coming today, according to a number of reports.
It won't take long before there are leaks. I think the market will try to weigh the likelihood of rejection, rather than waiting for an official response. If there aren't some concessions and ideas to meet the budget, look for more euro selling.
Update: Yanni Soutsomitis reports that Greece's latest proposal will include €13bn of fiscal measures and €50bn in a requested loan from the ESM, citing a source.
Cable lower as well
The pound and euro have often diverged on Greece news but today they're both falling. The bounce in the pound today is looking like the 'dead cat' variety.
