EUR-USD settled to an oscillation in the mid-1.12s after leaving a three-day high at 1.1279 yesterday. Recent euro gains reflected the market buying into the 'encouraging progress' line from the Eurogroup on Monday, while Greece met its IMF repayment deadline on Tuesday and the ECB kept the ELA lifeline open. However, uncomfortable facts remain: Greece used its IMF reserves to meet the IMF payment, the flow of capital out of Greece remains unbroken, and we're still lacking any hint of a solid breakthrough in negotiations.
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