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Euro little changed in a quite Friday's session

Friday, Apr 03 2015
It is a steadier European part of Friday's session with no data releases and with majorit of banks being closed in observance of Good Friday holiday. Despite the holidays, next week will be crucial for Greece. Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.
 
Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time. “We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official.“We may have to go into a silent arrears process with the IMF. This will cause a furore in the markets and means that the clock will start to tick much faster,” the source told The Telegraph.
 
Euro is currently being traded around 1.0880 level. Pair is likely to finds support around 1.08 area and resistance above 1.0940 level. Later today, in the US session NFP figures are scheduled for a release.
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