Daily outlook for EUR: Commerzbank

Quotes from Commerzbank Corporates & Markets:

-EUR: The Greek government is late to submit its reform list. So what? The FX market interprets this process as an obligation and ignores the delay. As the coordination between the government in Athens and the "institutions" (aka the Troika) is taking place at the same time as the list being worded it seems unavoidable that the "institutions" will agree to the final text.

-Which in turn would then put pressure on the Eurogroup to accept it, thus putting pressure on the national parliaments. The experience that this cascade seems to work well means that the FX market is very relaxed about the whole thing.

-That does not change my judgment explained yesterday: the political decision taken on Friday means that the subject of "Greece" is off the agenda for the FX market. And that is likely to remain the case until there is an unexpected mishap in the current process (unlikely) or until the next bailout program has to be agreed in June.