During the day, the euro reacts to the growth and decline of the progress of negotiations with Greece's creditors. The key event of the day was the meeting of the Eurogroup and the summit of EU leaders. Recall, Greece on Monday night presented a new plan to prevent a default, including new budget proposals that could form the basis for an agreement. If they're not satisfy the creditors, the European leaders will discuss the implications of a default by Greece at the summit on Monday. Meanwhile, the European Commission representative, Pierre Moscovici said today after a meeting of the Eurogroup emergency summit of the EU and can be found to solve the Greek debt. He also called sufficiently serious proposals to the creditors in Athens last weekend.
The pressure on the euro was reported that the European Central Bank increased again today limit the amount of funding Greek banks in the framework of emergency provision of liquidity (ELA). The amount of increase is not yet known. Thus, the ECB has made another infusion of cash into a special fund to help Greek banks already 3 times in 6 days. Last week, the Central Bank raised the upper limit of twice - on Wednesday and Friday, at € 1.1 billion. € 1.8 billion., Bringing the total funds to € 85.9 billion. Sources also claim that the ECB is ready to revise the liquidity of Greek banks in any Currently, if necessary.
Later, the euro continued to rise to new highs, while European bonds and stocks rose on optimism about the agreement with Greece, as evidenced by the comments of the EU and the Greek authorities. European Commission President Jean-Claude Juncker expressed his hope that an agreement with Greece will be reached by the end of the week. A minister of the Greek economy (as reported by BBC) noted that new proposals put forward by Greece, allowed the ice finally get under way. Meanwhile, during a meeting of the Eurogroup Deysselblum I commented that today allow to take a step in the right direction.
The Swiss franc fell moderately against the US dollar, breaking the mark of CHF0.9200. Small influenced today's data on Switzerland. The Swiss National Bank said that the growth in money supply in the country remained stable in the last month. The report stated that M3 - broad money - rose in May by 1.5 percent year on year in May. We recall that in April it was recorded a similar increase. Meanwhile, the Central Bank said that M1 declined in May by 0.1 percent in annual terms, as in the previous month. It was the second consecutive monthly fall. Another report showed that the official reserves rose to $ 600.4 billion іn April, compared to $ 582.9 billion іn March.