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Today market participants are with the perception that Greek crisis is over (though that may not turn out to be the case if MOU is rejected by Greek parliament). Still Euro is down against dollar as much as 0.7%. Euro is currently trading at 1.107 against dollar, after trading close to 1.12.
Yen is similarly taken big hit against dollar, down as much as 0.65%. Yen is currently trading at 123.4 against dollar.
Dollar is the king so far.
It might seem a bit confusing with Dollar rising and especially Euro going down when Greek crisis is closing in to resolve. However, it makes perfect sense due to the following -
- Last Friday, Janet Yellen kept her outlook steady for the US economy. She expresses concern over recent development in Greece but keeps her outlook for first rate hike this year and expecting improvement in US economy this quarter onwards.
- So if Greece's problem is resolved, FED has one less thing to worry about when considering rate hike. That makes dollar look overall attractive.
- Moreover, with Greece going out of sight (which may not happen for at least another week), European Central Bank's (ECB) monetary policy divergence with FED comes into focus.
