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Noticeable over the past week has been the increasing flight back into the dollar as concerns over Greece mount once more. With northern Europe, especially Germany, prepared to play hard-ball with Greek politicians, there is a genuine fear that time is running out to make a binding restructuring-deal before the next bond repayment on March 20th. The dollar index has climbed 1.5% since the middle of last week, and is now back above both the 200d and 50d moving average. Contributing to dollar-demand has been some better economic news out of the US at a time when recession has been confirmed in a number of eurozone countries.
At the risk of stating the obvious, if the Greek impasse continues over coming days, then the dollar stands to benefit further.
