OK, so the euro likes the look of this European deal on banks and Greek debt. And maybe it’s even cheered by the “spirit of solidarity” mentioned in some of the official statements.
But make no mistake: this climb in the currency doesn’t mean investors suddenly think the region has now been placed on a sustainable growth path.
It is what market insiders call a “relief trade.” In other words: things could have gone an awful lot worse. Phew.
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