The TradeTheNews Team notes that the ongoing political transition in Greece, accompanied by ECB’s decision to restrict cash access to Greek banks halted the 2-day rally of euro.
Key Quotes
“Renewed concerns over the implications of political transition in Greece helped constrain a 2-day rally.”
“ECB announced it will restrict Greek banks' access to cash by preventing use of junk-rated government debt as collateral for loans, citing uncertainty about a successful conclusion of Greek program review.”
“Greece Finance Ministry response sought to restore confidence, stating the banking system remains fully protected through access to ELA funding.”
“EUR/USD, which fell 130pips following the ECB report to $1.13 low, recovered to $1.1350 in the afternoon session.”
Key Quotes
“Renewed concerns over the implications of political transition in Greece helped constrain a 2-day rally.”
“ECB announced it will restrict Greek banks' access to cash by preventing use of junk-rated government debt as collateral for loans, citing uncertainty about a successful conclusion of Greek program review.”
“Greece Finance Ministry response sought to restore confidence, stating the banking system remains fully protected through access to ELA funding.”
“EUR/USD, which fell 130pips following the ECB report to $1.13 low, recovered to $1.1350 in the afternoon session.”
