Quotes from Western Union:
- Growing unease about Greece's future in the euro zone weighed on the single currency which fell to its lowest in more than a week and closer to recent 11- year lows. The euro looked poised to soon explode out of a confined range, though uncertainty remained over which direction.
- For it to strengthen, markets want to hear constructive news of a compromise deal between Athens, Germany and the rest of the euro zone that keeps the Mediterranean nation fiscally afloat for the foreseeable future. However, should the ticking clock expire with no deal in place for Greece, the euro would be at risk of accelerated depreciation that could quickly take it to or below recent lows around $1.11.
- Preliminary manufacturing PMIs from the euro zone, Germany and France all printed below forecast; highlighting the precarious shape of recovery which could be dealt a big setback should Greece depart the euro.
