As most forex traders know by now, the negotiations over Greece’s debt took a sharp turn for the worse over the weekend, culminating in the Greek government’s decision to call a public referendum on its creditors’ proposal on this coming Sunday.
Nearly two years ago, then-Fed Chairman Ben Bernanke (remember him?) suggested that the Federal Reserve was planning to gradually reduce the pace of its quantitative easing, a process that quickly became known as “tapering.”
It’s been an interesting start to what promises to be a interesting week in the forex market. The biggest story of Monday’s trade thus far has been the continued strength of the dollar despite disappointing data in the world’s largest economy.