Eurogroup postponed again

The meeting of the euro group, started late but only went on for an hour. 

The Greek government was still in the midst of negotiations with the institutions about a reform list. 

The euro group meeting was once again postponed, this time round to 1 pm CET today. In the meantime the negotiations continued through the night and are likely to continue this morning. 

"That will be of little consequence for EUR initially, as the exchange rate hardly reacts at all to news on the Greece crisis. Things would only start to change once inflation in the euro zone was close to the ECB's target", says Commerzbank. 

As the additional liquidity that the ECB is pumping into the system as part of the Greek banking crisis would then become inappropriate and would therefore also be a burden on EUR. 

However, as inflation remains a long way off its target so that the ECB can currently sell any additional liquidity very easily, added Commerzbank.