Tsipras Heads to Brussels With Greek Future in Euro at Stake – Bloomberg
Greek Prime Minister Alexis Tsipras heads to Brussels in a last-ditch attempt to secure a rescue from European leaders and keep his country in the euro region.
Central Banks Across the World Pressured to Fight Against Euro Depreciation – Bloomberg
Greece’s debt turmoil has found a favourite conduit for spreading contagion: the $5.3 trillion-a-day foreign-exchange market. From Sweden to Switzerland, central banks are battling to contain an appreciation of their currencies versus the euro. Greek risks are also infiltrating markets in Eastern Europe after Greece’s decisive vote against austerity this week.
Currency Skirmishes Become Pitched Battles – Financial Times (subscription)
The Riksbank’s decision last week to cut its policy interest rate by 10 basis points to minus 0.35% was widely seen as the latest skirmish in renewed currency warfare. Memories of the competitive devaluations of the 1930s are being stirred, while the threat of protectionism is becoming more real.
Greek Finance Minister Resigns; Euro Holds Strong – Profit & Loss (free story)
The euro finished only marginally down against the US dollar after the first day of trading following Greece’s historic referendum decision to reject Eurozone bailout terms and the resignation of its finance minister.
Markets Prepare for New Greek Currency as Grexit Prospect Grows – Financial Times (subscription)
For months “Grexit” has been a regular topic for speculation among foreign currency specialists. But the working assumption has been that all parties in Greece’s drawn-out saga would find a way of resolving their differences and keep the country in the Eurozone.
All Volatility and No Trend Makes FX Funds a Dull Play – Reuters
Howls of anguish from currency fund managers about a lack of volatility have given way to complaints that, while big price swings in exchange rates are back, a directionless market means it is no easier to make money.
Banks Devise Nifty Little Uses for Their Big Brother Systems – Financial News(subscription)
Putting surveillance systems on trading floors to curb market abuse after the financial crisis may have been a necessity, but as institutions sweated to get it done on time, some may have harboured uncharitable thoughts towards the regulators that had imposed demanding deadlines. Perhaps, they are more grateful now.