EUR-USD has settled in the low-to-mid 1.11s, above Wednesday's 1.1052 low. There was a lack of substantive progress at the latest summit in Riga between the Greek government and creditors in bailout negotiations. The ongoing Grexit uncertainty should curtail the euro's upside potential, while the May German Ifo today should affirm the slowing in growth momentum that was seen in the ZEW and PMI surveys. The dollar, meanwhile, also lacks a bullish narrative.
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