Expect the euro to decline ahead of the troika decision on whether to release the next aid payment for Greece, says Richard Franulovich of Westpac Banking Corp. The longer international creditors delay a decision on Greece, the longer markets will price in the worst-case scenario of Greece not receiving the payment, which will weigh on the euro, he says. If Greece fails to receive the next payment on time, the risk of Greece exiting the euro area would become "very significant," Franulovich contends. EUR/USD recently flat on day at 1.2707, according to EBS via CQG.
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