The euro should remain biased lower as ‘Greuncertainty’ flares up in the wake of the ‘no’ vote over the weekend, which raises the odds of Grexit. Immediate focus will be on the ECB and what it decides to do with regard its ELA lifeline to Greek banks. The Greek government thinks that it will have a stronger hand at negotiations, but the signals from creditors last week was that a ‘no’ victory would spell an exit from the euro. Germany’s Merkel and France’s Holland are due to meet this evening to discuss the situation, and there is an EU summit and Eurogroup meeting tomorrow evening.