EURUSD – The Greeks are looking for their debt to be forgiven, however, that will mean someone will need to take a loss on their investment. Which is most likely not going to happen. Even if Greece receives another bail out from the ECB, this would only delay the inevitable default. Greece has no way of paying their debt and at this point of time they are bleeding pretty bad. Greek’s Finance Minister, Yanis Varoufakis is quite frankly running out of options and has hinted that Greece will default at the end of June. I would take this news seriously but the EU officials have said publicly that they will consider formally discussing Greece’s default for the first time. A Greek default could have serious immediate repercussions for the Euro. I am expecting more uncertainty and sideways movement until we see a catalyst or high impact news that comes out.
AUDUSD – The Aussie had sort of a mixed week as precious metal & oil moved sideways.
WTI – Oil moved sideways for the entire week again. This was mentioned in a previous weekly update that oil upward price movement into the spring would face a new market structure into the summer. This sideways movement shows us a clear indication of a lack of commitment onto one side of the trade.
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