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Euro spiking higher but this is not the end

Having started off on a weaker footing, the single currency has spiked higher on the back of comments coming over the wires regarding the possibility of the EU allowing an extension to the bailout program. The fact that the euro had initially softened reflected the extent of the divide between Greece and Germany, not least because they cannot even agree on what the issue is. For this reason, the scope for a resolution this week looks distant and even though trading the euro on the basis of the ebb and flow of the euro crisis has often been fraught with danger, the scope for a greater correlation with the ebb and flow of events looks likely to increase as the week goes on. The problem with the latest headline is that Greece is not seeking an extension to something which they are fundamentally opposed to.

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