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Week in FX Europe Mar 4-9

The Greece debt swap agreement was reached as 95.7 percent of private bondholders [1] accepted or had clauses enacted to accept the deal. This will mean Greece has reduced their outstanding obligations by 132billion euros and the first step to securing another round of Eurozone rescue funds.

This record sovereign restructuring deal has brought praise from the E.U. top finance ministers and government representatives, but has also drawn harsh criticism from private bondholders like Bill Gross who said the swap had diminished the sanctity of bondholder’s contracts.

The ISDA will have to rule on the fate of the less than 5 percent of outstanding bonds that did not agree to the swap. A credit event can be a likely scenario, but with limited payouts after the historic swap.

The EUR benefited from the agreement, but traders are still pricing the possibility of a Greek default as elections approach and the parties who pushed for the deal have been falling behind in the polls.

Below are some other highlights of the week:



AMERICAS Week in FX [2]

ASIA Week in FX [3]



  • Monetary policy announcements continue from JPY, CHF and USD
  • Economic and consumer sentiment is delivered from Germany and USD
  • USD is busy with Inflation Indicators and Retail Sales Data
  • Job data is released in GBP and USD
  • USD’s Philly Fed Manufacturing Index is reported near weeks end


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell [8]

Vice-President of Market Analysis at MarketPulse [9]
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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