During today’s press conference Jean-Claude Juncker said the Euro Group hadn’t discuss the possibility of Greece leaving the eurozone. The European community seems to be willing to preserve Greece’s eurozone membership.
It should be noted that more and more investors start talking about such a scenario.
So far, Greek politicians have failed to create a new cabinet of ministers even though it’s been nearly 2 weeks since the parliamentary elections (May 6th). If they fail to form a new cabinet in the coming days, there will be another round of elections.
The current political instability in Greece undermines investors’ belief in the country’s ability to service its debt.
In the meantime, Fitch has warned that the political instability in Greece threatens the sovereign ratings of al the eurozone members.
According to , the EURUSD futures contract is moving within a range. The price has encountered resistance around 1.2850. If it breaks and consolidates above it, the next major level of resistance is 1.2900. Otherwise, the price will probably keep moving within the 1.2800-1.2850 range.
