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Euro Stuck at 1.12

Three days have passed with the euro/dollar consolidating at 1.12 in expectation of a decision on Greece. In Brussels there was an unexpected meeting of Merkel, Hollande and Tsipras. During the meeting, the French president found out about an act of terrorism which took place at a chemical factory, 20 km from Lyon. Due to this, he was forced to leave the negotiation table and head back to his home land. In Paris he is calling an emergency meeting of the National Security Council.

The euro/dollar reacted weakly to the act of terrorism. The pair is trading around 1.12 and is ignoring all the news. However, in expectation of the next European Commission’s meeting, which is planned for Saturday, the Swiss franc has become a safe-haven currency for traders as the week-end approaches.

Gold also wanted to become a safe bet asset, but hasn’t quite. The metal gained 6 USD to $1,178 due to a fall in European fund indices. However, it has now returned to 1,173 dollars for a troy ounce. The DAX has lost 0.30% and the FTSE has lost 0.55%.

At 18:15 EET, the Governor of the bank of England, Mark Carney, may be able to rock the market towards the British pound. One can expect a movement across the key pairs of around 60-80 points, If not, the current volatility will remain until Monday.



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