The euro got a strong boost from a Wall Street Journal article which claimed that Germany might be willing to participate in another round of funding for Greece, even if a voluntary ‘soft’ restructuring of Greek debt does not first take place. No sources were cited, however the currency reaction was logical given that, if this is what ultimately happens, the market will not have to cope with the potential trauma of a restructuring event – at least not in the near term. EURUSD traded 1.4272-1.4406, USDJPY 80.72-81.38. Continue reading →