•
Greek talks end with no agreement
– EU
Commission presented an OK proposal, but finance ministers rejected it
– Talks could
reconvene on Friday
•
FX market takes the news calmly
– EUR/USD
lower, but no big deal; day’s range was average
– Greek stock
market isn’t so certain, though
•
What options does Greece have?
– Accept
renewal of current program, perhaps with some face-saving tweaks, adjustments
and changes of name
– Get the
money from Russia or China
– Issue IOUs
while negotiating
– I expect
#1, but there are political obstacles on both sides
•
Today:
– Eurozone: German ZEW
survey forecast to rise, confirming rebound in Germany
– UK: CPI
inflation likely to slow, but this is as expected
– US: Empire
State manufacturing survey expected to increase; NAHB housing market index to
improve = USD-bullish
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