With all eyes on the euro on Monday, it started the day very badly but regained ground in the afternoon, despite Greece moving a step closer to a default. The Swiss National Bank did intervene by weakening the Swiss franc, therefore supporting the single currency. The current ceiling for the European Central Bank’s emergency loans is €89 billion, and near enough virtually all this money has been spent across the Eurozone. Late yesterday evening, there were reports that the Greek government had stated that they would not be paying the €1.6 billion loan repayment to the IMF due today – this is likely to be todays big news.
In addition to this, German unemployment data and retail sales data are out this morning, but they are likely to have limited effect on the single currency.