There is still no deal of any kind either to help ‘solve’ the Greek debt crisis, or to provide short-term funding to make sure that the ECB can support the Greek banks while the negotiations continue, notes SocGen.
"However, markets are still priced relatively optimistically," SocGen adds.
"A deal that pushes the crisis can down the road a few months might be enough to get EUR/USD back up to 1.15 or higher, while failure would trigger a knee-jerk slide," SocGen argues.
"Absent either, we wait," SocGen adds.
