The Euro has reversed lower from a recent technical bounce as expanded fears of a Greek exit and the ECB’s quantitative easing program sees the EURUSD pair resume the longer-term trend in the common currency. Greece is desperately trying to scrape the funds together for upcoming repayments, but more important is the approaching dialogue with Russia as Greece finds itself pivoting from traditional partners. Today marks the deadline for Iran reaching a framework solution with the West, with the sides still remaining at odds over several points. If a deal is reached today, Iran has already highlighted its ability to bring an additional million barrels per day of oil production online within mere months as crude sits offshore in tankers waiting for sanctions to be lifted. Any failure to form a compromise could see hostilities in the Middle East reach new heights as a power struggle between nations ensues.
Risk Factors Driving Haven Flows
Daily Analysis - 31/03/2015