Euro likely to remain buoyant even without any deal tonight

Euro zone finance ministers meet ended just early, without any resolution.

• Greece has submitted two proposals, one last night and one in today's morning. However both of them remains still a bit far from what could be accepted. Since no deal is yet reached in finance ministers meeting market might have to wait for another week, until the last moment to strike a deal.

Highlights from press conference -

• Greece has given Euro zone finance ministers the initial impression of the proposal and further details might arrive soon. The aim is to reach an agreement later this week.
• Pension reforms still remains difficult area to bridge the gap.
• Bailout monitors will be trying to reach an agreement with Greece over the next two days.
• NO DEAL is expected today as European leaders are likely to be briefed about the updates on Greece tonight.

Euro is likely to remain buoyant even if deal is not reached. Market is likely to keep buying Euro at dips as hope for deal is not diminishing it just gets pushed in future until the deadline. However volatilities could be large.

Euro is currently trading at 1.137 against dollar, 0.718 against pound, and 139.9 against Yen.