The Greek crisis reached a new level on Friday evening, as the Greek PM announced that a referendum will be held on the next weekend. A default and possible exit of the country from the Euro Zone seems as likely as ever before and the Euro dropped sharply at yesterday’s FX open. EUR/USD gapped lower to 1.0955 from the Friday close at 1.1170. Overnight, the pair stabilized somewhat and is currently trading above 1.10, but the currency is likely to remain under pressure as the market remains nervous.
European equity markets are expected to open in the red as well, with some predicting a 500 points drop in the DAX and even more in the Italian MIB index. US equity futures are already down more than 1 % on the day and Asian indices had a bad day as well, with the Shanghai Composite down more than 2 %.
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