Macedonian central bank tells its commercial banks to withdraw all deposits and loans from Greece
And their branches from around the world
The central bank said this was a temporary measure to protect the Macedonian financial system from disruption
There's going to be a fair bit of flow movement of this type and that is potentially going to add to these volatile moves in the euro. It's not to say that these banks need to convert everything as they can just hold the different currencies in their reserves but if there are any position unwinds then that may lead to FX conversions
These types of moves are mostly to be expected from smaller nations but can have a domino effect. We're not going to see that play out until the European open
What are opening are futures markets and the S&P is already down 1.7%. IG has European markets heavily in the read with the Dax down 469 points & the FTSE -203
I'm going to grab some shut eye now and I hope you all stay safe trading