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Hardy: Why FX markets don’t know what to do with the euro

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The Greek government’s decision to walk out of bailout talks with its creditors, and call a July 5 referendum on the bailout terms, have left FX markets very confused, says Saxo Bank’s John Hardy.

The euro first tanked on Monday, but then spiked to 1.1250 against the dollar, says Hardy.

Markets are trying to anticipate what will happen next, but overall sentiment appears to be marked by fear and a lack of direction, he adds.

But regardless of the outcome of the Greek debacle, the euro will eventually lose out against the dollar, according to Hardy.