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A bastardisation of the ‘buy the rumour, sell the fact’ expression, but nonetheless entirely accurate in this instance. Since the Brussels bureaucrats penned the Greek deal at around 4:00am this morning, the smart money has emerged as a seller of the single currency specifically and risk assets more generally. On three separate occasions the euro has tried to penetrate the 1.33 level, only to be thwarted by determined sovereign wealth fund-sellers each time. Interestingly, it is the high-beta currencies that have sustained the greatest damage, with the Aussie down 1% at one stage this morning. Equity markets are somewhat defensive after the recent buoyancy . Should the Greek deal gradually disintegrate over coming days, as we expect, then risk assets and the euro may well struggle.
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