Jump in ELA a foreshadow of more Greek bank runs?
The ECB bumped up the ELA to 1.2B from 700M last week. That is a pretty healthy increase and perhaps a foreshadow of more runs on Greek banks. Word is coming out just now that Greece has completed 450 million loan tranche to IMF.
The large increase, sent the EURUSD lower and below the 1.0759 level outlined in an earlier post. The narrow range for the day remains (at 61 pips). I am expecting an extension of that range. Can the bears keep the momentum going?
