– Greek President Told Banks Anxious as Deposits Pulled – Bloomberg

– Merkel-Hollande Meeting Yields Greece Growth Signal – Bloomberg

– BoE Cites Increased Risk of Disorderly Euro Outcome – DailyFX

– Hedge or Bet? Parsing the JPMorgan Trade – WSJ

– Mortgage Delinquencies Decline – WSJ

After Greek leaders announced that they failed to form a government, guaranteeing at least one more round of elections, higher yielding currencies and risk-correlated assets entered a free fall. The EURUS

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The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.40 percent higher from the open after moving 97 percent of its average true range, and we should see the greenback continue to retrace the decline from April as the upward trending channel from the beginning of the month continues to take shape.

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• Key Items: CN PMIs, JP Tankan, Europe EZ/UK/CH PMIs. US PMI.

• Sunday saw the release of a much stronger than expected official Chinese PMI for March. Early Monday sees the broader HSBC PMI.

• Early Monday also sees the closelyfollowed quarterly Tankan Survey.

• The latest German real retail sales data out today fell well short of expectations. Ger

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The dollar has put in for a remarkable showing in volatility terms this past 24 hours, and that is likely to carry through over the final hours of this trading week. However, as we’ve discussed before: volatility does not necessarily translate into trend generation. There is a lot in the fundamental backdrop currently that can stir volatility for the greenback, but underlying risk trends are once again holding the reins. If the greenback is playing its risk appetite connections, its erratic performance makes a little more sense. T

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