EUR/USD – Greek deal doesn’t imply Euro rally

By WELLS FARGO

After the Greek Parliament approval of the austerity measures package, now it’s time for the EU finance ministers to discuss about the second bailout details. The meeting will take place on Wednesday, the same day some reports expect the PSI deal to be closed.

“We see a Greek deal as a ‘must do’ event to avoid a disorderly Greek default but not necessarily as a source of significant boost for the euro”, says Vassili Serebriakov, currency strategist at the Wells Fargo Bank, that still points to risk assets’ strength: “We also maintain a bullish medium-term bias on commodity and emerging currencies, although we would be more careful about entry levels given their recent rapid gains”.

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