Ahead of the Greek referendum Sunday market nervousness remains high. A 'no' vote will be a risk-negative outcome that will fuel Grexit fears. EUR should fall, especially against the majors, while European G10 currencies should underperform the rest. Market visibility will indeed worsen significantly, however, given that it could take months before we know the ultimate fate of Greece. To the extent that this keeps the hopes of a deal alive markets may even return to their ‘holding pattern' after the initial sharp selloff. Indeed the greatest risk could lie in a ‘Yes’ and thus a back-firing of Tsipras and Varoufakis ... (full story)