020 7898 0500The Greek debacle escalated over the weekend as the Greek government called a referendum for next weekend which caused the euro and stock markets to tumble across the board as markets opened in Asia on Monday morning. It would seem, barring a miracle, that the €1.6 billion repayment due to the International Monetary Fund (IMF) on 30th June won’t be paid. It doesn’t mean that the debt is automatically in default because there is a due process that needs to be gone through but it doesn’t help. So we can expect a week of high drama as events unfold for both Greece and the euro.
There is also a fair amount of Eurozone economic data to be released this week. Today we have inflation data in the form of the German Consumer Price Index (CPI) which is forecast to remain the same, followed on Tuesday with the CPI from the whole of Europe. Then later in the week we have the release of Eurozone Purchasing Managers Indices for Manufacturing and for Services for June.
In think it is safe to say that the euro will see movement this week so if you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
