Euro likely robust despite Greece uncertainty

Short term EUR-USD may face a tough time on the euro zone front. Today the euro zone Finance Ministers are meeting to finally find a solution to Greece's debt crisis. It is quite likely that the negotiations will carry on all through the night, said Commerzbank in a report on Thursday. Time is of the essence now as the current aid program for Greece comes to an end on 30th June. 

So far the EUR has been remarkably robust despite these uncertainties. Is it due to the fact that the majority of market participants does not expect a Grexit to constitute a negative factor for EUR, this is likely to remain the case, adds Commerzbank. If it is due to the fact that the majority expect the parties to reach a last minute agreement as is often the case, there is still considerable downside potential for EUR in case that there is going to be a Grexit after all.