Euro to Remain Pressured after Greece Completed PSI, Officially Defaulted European majors weakened sharply last week despite interim rebound. The near term picture is cleared as Greece completed the PSI debt swap deal and is set for getting approval from EU and IMF for additional bailout. Also, Greece default was ruled official by ISDA for activation of the collective action clauses. Dollar, on the other hand, was supported by solid US data and strengthened broadly, with dollar index closed above 80 level again. Meanwhile, commodity currencies were relatively steady as supported by resilience in stocks despite intra-week selloff. After a week of volatility, there outlook didn't change in general. European majors will remain weak in near term while dollar will maintain it's strength, in particular against the Japanese yen. The main question is unresolved yet and that is, whether see massive stock selloff while drags down commodity currencies. Full Report Here... | 
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