German deputy finance minister commented on not granting bailout deal to Greece as that would involve creditors taking a loss on their loans. The European negotiating team, in practice led by Germany, argue that the problem is not the size of Greece’s debts but the country’s slow growth and failure to reform.
The Opinionway poll showed the anti-Europe, anti-immigrant candidate Le Pen getting 26 percent of vote in the 1st round of French presidential election followed by Macron 22 percent and Fillon 21 percent.
From a weekly perspective, EURINR spot (CMP-70.51) is expected to trade lower towards 69.50 mark as Brexit negotiation month looms closer. Moreover, the ECB bond buying programme committing to shorter duration where the supply of eligible bonds is shrinking will add to the woes.