FXStreet (Guatemala) – Eric Theoret, CFA, CMT Currency Strategist at Scotiabank explained that the Euro is weak and he eyes May’s lows due to the Greek debacle.
Key Quotes:
“EUR has staged an impressive recovery from its near 2.0% decline early in the Asian session.”
“The unexpected announcement of a Greek bailout referendum has provided for a gap down in EUR and near term stabilization was observed around 1.1000.”
“We expect uncertainty to weigh on EUR over the near term, and look to a potential test of the lows from late May near 1.0820.”
“Fundamental data have had no discernible impact on EUR, despite the unexpected improvement in Spain’s CPI.”
(Market News Provided by FXstreet)