On Friday’s much anticipated deadline, Greece deferred a debt payment due that day, saying it would combine four payments due this month into a single lump sum to be paid on the 30th of June. I guess that means more back and forth for the Euro for the balance of this month. The shenanigans continue.
The Euro is gaining another 1% against the US$ today as Draghi talks up the latest European economic growth (is that an oxymoron these days?) reports in the form of GDP numbers just released. Ever the optimist, he seems to have convinced the currency markets that Euros are worthy of buying again today, continuing a 7% rally off of the March 1.05 low. The naysayers may have their turn in the days to come as Greece faces a deadline for a €300M IMF loan repayment on Friday. How that gets resolved (or not resolved) could set the tone for the Euro for the next little while.