Risk sentiment has been unstable for most of the week, mainly in reaction to renewed tensions related to Greece. After several failed attempts to break the logjam between Greece and its creditors in recent days, negotiations will resume on Saturday. We remain of the view that a solution can be found in order to give Greece access to funds to repay the IMF next Tuesday. The EUR, however, is unlikely to face any material upside in an environment of strongly capped ECB monetary policy expectations. If this is confirmed over the weekend, we suspect that USD could emerge as the biggest beneficiary and expect it to extend ... (full story)