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According to early morning prices, the Euro will open at 1.1015, a full 140 pips below Friday's close. The ECB kept the ELA funding at the same level of 89 Billion Euros. This means that with ongoing withdrawals in Greece, the country's banks will be unable to fulfill withdrawals. News reports are saying that the Greek government will introduce week-long capital restrictions, until after the referendum on July 5th. But if other capital restrictions are a guide, it's likely that these restrictions will last for a long time, several years at least. The Greek Stock Exchange will remain closed as well.
As I've mentioned in previous blog posts, I've stayed short Euros into the weekend betting that there wont be a deal. In terms of the contest, it remains to be seen how many traders kept their shorts. I think this development will at least help me to break into the top 10. For more, we'll have to see how many of the top 10 traders bet on the same side as me.
As I've mentioned in previous blog posts, I've stayed short Euros into the weekend betting that there wont be a deal. In terms of the contest, it remains to be seen how many traders kept their shorts. I think this development will at least help me to break into the top 10. For more, we'll have to see how many of the top 10 traders bet on the same side as me.
