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The Greek crisis was ignored by the FX market last week as peripheral spreads widened and the Euro rallied. This morning, it is cited as the reason for the Euro to be softer and the dollar to be rallying again.
The reasons given for day-to-day gyrations of EUR/USD within its broad 1.0450-1.1050 range need to be taken with a pinch of salt!
However, a Greek default without ‘Grexit’, might be the single most negative outcome for the Euro, and ECB Vice-President Vitor Constancio, pointedly observed that default doesn’t automatically imply exit. Meanwhile, as the government scrambles around for cash, there is much talk of Greece introducing a parallel currency."
Kit Juckes - SocGen
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