Greece and European stocks beaten up but the euro keeps on climbing
Weekend meetings surrounding a Greek debt deal were a near-disaster. It's sent European stocks around 2% lower and Greek 10-year yields up more than 50 basis points.
And yet the euro is now 20 pips higher on the day at 1.1282, up from 1.1204 at the start of US trading.
A bounce in the euro last month wasn't that surprising given that it had fallen so far and that Eurozone economic data had showed some better signs. But this kind of resilience in the face of bad news is truly impressive.
Still, no one is talking about EUR/USD back at 1.20. Maybe it's time. In the short-term, offers at 1.13 are in focus.
