So what have we learned?

Almost two full trading sessions are in the books since the EU-IMF aid deal for Greece was fleshed out further. What have we learned?

• We learned that Greece has the ability to place small amounts if dent for short periods of time at very high rates of interest.
• We learned that Germany is still reluctant to come up with any concrete aid and would very much like to see the Greek debt situation hurry up and fix itself before elections roll around.
• We learned that tress don;t grow to the sky. AUD and Oil have been retrenching so far this week, not so much on risk aversion as on prices reaching levels where few could justify further purchases.

To my mind, we still have not learned whether EUR/USD is headed any higher any time soon or whether we’ve merely squeezed shorts in at bad levels. Hopefully we will learn more on that score in the days ahead.