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Four scenarios for Greece

Tuesday, May 12 2015
With no major data releases from Eurozone, traders are still focused on development between Greece and its international lenders. Presently, talks between the Greek government and its international creditors have entered a “crucial phase,” as Athens rapidly runs out of cash and as its current bailout is set to end in late June, with hefty debt repayments coming up in July and August. But a so-called Grexit — shorthand for Greece leaving the currency union — isn’t the only possible ending to the Greek debt drama. 
 
UBS brings four possible scenarios ranging from Greece and its lenders agreeing on a reform program, 7.2 billion euros’ ($8 billion) worth of bailout funds are unlocked and a Grexit and default are avoided, to to IOU’s becoming parallel currency, with Greece eventually defaulting and Grexit materializing. Other scenarios include Greek default, but stay in the Eurozone or Greek default and quick leave of the Eurozone.
 
Euro was pushed higher this morning and is currently being traded few points above 1.1240 level. Pair is likely to find support around 1.1130 area and resistance near 1.13 handle. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
More in this category: « UK Industrial Production increased by 0.5% in March Job openings fell in health care and social assistance »

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