Euro at New Year Highs Above 1.33 As Greek Deal Close

Euro saw a whipsaw session in Asian trade first dropping sharply to 1.3215 only to stage a powerful rebound to take out the 1.3300 barriers on optimism that negotiations in Greece were coming to an end as a deal was within reach. The pair tumbled on initial headlines that one last issue was still be resolved in talks between Greece and Troika, but when the details emerged that Greece was only 300M from reaching the austerity targets required by the Troika, the pair recovered rising to a fresh yearly high of 1.3312 in late Asian trade.

Commentary from Boris Schlossberg, Director of Research, GFT