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Another Greek drama

The single currency has continued to recover during the morning, despite headlines that are coming out of Greece in the wake of the weekend election. EURUSD is above the 1.1250, from an overnight low just below 1.11. This probably has a lot to do with positioning, with lots of euro short positions already in place in the wake of the QE announcement from the ECB last week. We have a meeting of Eurozone finance ministers later today, so more headlines are likely to be seen. But what is clear is that we are heading for a stand-off between the new Greek government and the troika (EU, ECB and IMF) and for now at least, there are no signs that either side is going to concede any ground.

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