020 7898 0500Wednesday was a difficult day for the euro as it fell lower against the major currencies; this was despite the European equity markets actually increasing due to fresh hopes for a deal between Greece and its international creditors. The general market was boosted after Greek Prime Minister Alexis Tsipras sent new proposals as part of a request for a third bailout; this indicated that he was prepared to accept the majority of spending cuts demanded by the European Central Bank (ECB), International Monetary Fund (IMF), and the rest of Greece’s creditors. Angela Merkel did announce that there will be no further negotiations until after Sunday’s referendum so we have to await the results of the referendum.
Today we have Producer price index out at 10am, but all the focus is expected to remain on Greece.
