The euro slumped in early Asia on Monday as investors braced for volatile trade on the dramatic collapse of negotiations between Greece and its creditors that led to a freeze on banking services and a surprise interest rate cut from the People’s Bank of China at the weekend. Greece’s banks and stock exchange are expected to remain closed throughout the week following a recommendation from the country’s Financial Stability Council late Sunday, according to reports. The move came just hours after the European Central Bank froze Emergency Liquidity Assistance (ELA) support to the country’s banks at levels agreed on June 26 – a figure estimated to be around €90 billion.”The Governing Council is closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area,” the ECB said in a statement. “The Governing Council is determined to use all the instruments available within its mandate.”
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5770 TARGET 1.5790 1.5820 SL 1.5740
SELL GBP/USD BELOW 1.5660 TARGET 1.5640 1.5610 SL 1.5690
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