Sewing Circle Back At It

The rally today was based on rumors the Greek debt restructuring would be complete today, despite what I already pointed out as a direct contradiction from official Greek sources, like the finance minister who said they are at an impasse and will hold an emergency meeting "as early as Thursday".

Now the IIF that seemingly is about as trustworthy as Greece itself, says the deal will not be done in hours, but maybe next week.

Euro's reaction

And why it matters, because the market is moving because of the FX correlation