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EUR/USD Bad For Europe Good For Euro

By Alfonso Esparza

The Greek goodwill tour by prime minister Alexis Tsipras and finance minister Yanis Varoufakis was met with a stonewall after visiting Frankfurt. Although the meeting with German finance minister Wolfgang Schauble went about as you would expect from the two polar opposites on the topic of bailout terms the European Central Bank announced after hours that it would no longer take Greek sovereign debt as collateral. The forex market was further jolted by the news with some suspected intervention by the Swiss National Bank that drove the EUR higher.

The European Union released its economic growth forecasts that also boosted the EUR’s advance versus major pairs. The economists at the European Commission, the EU’s executive arm, said the eurozone should grow 1.3% this year and 1.9% in 2016. In November, they expected growth of 1.1% this year and 1.7% next. The decline of the currency and cheaper… Read More …