020 7898 0500The Greeks have voted “No” to yet more austerity – probably not unreasonable given 50% youth unemployment and 25% overall unemployment – but their government costs are still bloated so reform is required. The initial reaction has been somewhat muted with euro weakness much less than expected but how Greece and its creditors will sort out this mess over the coming few days is anyone’s guess, although the fallout from a Greek exit given its uncertainty is probably, if possible, best avoided.
Following this, there is very little data out this week that will carry any further clout. French and German trade balances will be released midweek, along with Italian industrial production on Friday.
Generally we expect rapid and significant movement in the euro exchange rates due to the result of the referendum so if you are looking to buy or sell euros, we suggest contacting your trader now for live rates, latest news and currency-purchasing strategies.
