Expect more & more comments from banks to be hitting the wires over coming hours.
NZ and Australian banks are in pole position, of course, given the way the sun moves across the sky and all.
Early response from WPAC (Sean Callow):
- European lenders have rejected the Greek government's idea of a short extension of the bailout program ahead of the 5 July referendum and the ECB declined to increase emergency lending even as Greek banks were set to be closed today
- Virtually ensured Greece would not make the EUR1.6bn due to the IMF on Tuesday
- ECB ... decided to leave (emergency lending assistance) unchanged despite the public scramble to withdraw cash that saw many ATMs run dry
- Left the Greek government no real choice but to announce that banks would not open on Monday
- It is not clear how they would open on Tuesday either
Our one month EUR/USD target of 1.06 is suddenly looking quite achievable Friday's
CFTC data showed specs had stopped cutting their EUR shorts last week, but at -47k contracts, leveraged funds are only moderately short EUR, compared to -175k in March
