Greece continues to disappoint EU

A shortened week but despite it being Good Friday this week with most markets closed for a long holiday week end (apart from FX which remain open), the US nonfarm payroll figures are still due to be released. Ahead of then pressure continues to grow on Greece to submit a meaningful plan for economic reform in order for the EU and IMF to release more funds to help the government with up and coming payments. Today was meant to see Greece’s proposals agreed and funds from the extension to the existing bailout released, however as we’ve see all too often the EU insists that Greece’s measures have come up short. With a long week end ahead the pressure has been on to reach a conclusion, especially since funds to pay salaries, pensions and outstanding debts are expected to dry up within weeks. The euro however is holding its own with EURUSD trading at 1.0845 and EURGBP at 0.7320 at the time of writing.

 

European consumer and business confidence data this morning could lead to some moves in the single currency and there’s German inflation data at lunchtime which should also be monitored, then US housing data. With it being the last couple of days of Q1 2015 we should also expect a possible increase in volatility.