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Merkel’s Pos-Still Long EURO’s

Merkel seems to burning the candle at both ends and doing everything in her power to prevent a Greek default. She is side stepping her own domestic supporters by moves of perception. Always be seen doing the correct thing, this is being fulfilled by her country’s own domestic banking due diligence of a Greek default occurring. The Chancellor, vocationally has to answer to a higher position of authority and that’s to the Euro-zone. Germany being the anointed leader, economically and politically, should supersede domestic affairs, the catch 22, its the local electorate that get you appointed. Any Greek exit from the single currency would unleash a ‘domino effect’ that must be avoided at all costs. The negative affect would be felt first hand by Merkel’s own local electorate. Its no wonder that she remains front and center, and the glue that can keep this all together. For how much longer?

The US$ is stronger in the O/N trading session. Currently, it is higher against 14 of the 16 most actively traded currencies in a ‘volatile’ trading session.

Round up of market sentiment which can only be described as febrile. Many saying Greek exit would be catastrophic for euro, eurozone as well as global economy but given lack of leadership & general paralysis it may be too late anyway.