Euro Weakens on Greek Concerns

Once again Greece is the focus of every Forex trader, and uncertainty is dragging the euro down as a result. Meanwhile, the uncertainty regarding the US election is also dragging on high beta currencies like the euro.

Right now, the euro is headed lower, weakening a great deal as worries about Greece threaten the situation in the eurozone. Once again, there are concerns about what’s next for the struggling country, and whether or not parliament will agree to the latest round of austerity measures.

Today, the latest austerity package will be presented by government leaders, and on Wednesday, the Greek parliament will vote on the package. Without the package being approved, Greece will not qualify for further aid from the European Stability Mechanism.

The outcome of the vote is uncertain. Already, a PASOK member in parliament has left the party over the austerity measures, and other lawmakers are expressing reluctance to vote in favor of austerity. Once again the stability of the eurozone is in question, and the euro is heading much lower as a result.

Further losses are being brought on by the uncertainty surrounding the US Presidential Election.

At 13:54 GMT EUR/USD is down to 1.2789 from the open at 1.2817. EUR/GBP is steady at 0.8006, which is the level seen at the open. EUR/JPY is down to 102.6460 from the open at 103.1010.

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