– EU summit signaled support for Greece, but gave little clarification on ESM’s direct bank recap
– EURUSD held above 1.30, Asian currencies fell
– We recommend buying 3m GBPCHF call spreads, and selling NZD against an equally weighted basket of AUD and GBP
What to watch for today
EUR: Summit time. Today marks the end of the euro area leaders summit, and statements and comments released so far are consistent with our expectation that the summit will yield very little in terms of policy.
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