Make the Friday trade today

Here's what we know for sure: there isn't even a Eurogroup meeting scheduled until Saturday. It's highly unlikely there's a deal tomorrow, not to mention that the sides haven't visibly moved closer to since the start of the week.

Last Friday there were signs of progress into the weekend. I don't think that's coming tomorrow so the trade on Friday will be risk aversion and defending against disaster.

The clock is about to strike midnight.

I think we're setting up for selling in the yen crosses in the next 24 hours. Bill Gross doesn't think there's going to be a deal and no one wants to be holding risk assets when talks break down.


An EU official now tells BBG there will be no leaders' summit today or tomorrow and Dijsselbloem also told leaders there has been insufficient progress.