Euro continues to struggle as concerns about Greece overshadow the entire eurozone. Euro has hit 10-year lows against the US dollar and seven-year lows against the UK pound.
Euro is heading lower today, losing ground against nearly all of its major counterparts. Concerns about the Greek situation continue to weigh on the 19-nation currency.
Even though Greece has been given a lifeline, very little progress has been made in terms of talks for long-term changes. The BBC reports that the Dutch finance minister has expressed that little progress has been made since the lifeline was offered. Many leaders in the eurozone want Greece to be serious about reform, but it appears that the new Greek government is taking seriously its mandate to halt austerity measures.
All of this is making it difficult to find a way for Greece to remain in the eurozone. There are concerns that a Greek exit could set a precedent for other countries to exit as well. For now, all the focus is on the Greece situation, as well as the recent announcement for more quantitative easing from the ECB, and that is weighing on the euro.
At 14:20 GMT EUR/USD is down to 1.0770 from the open at 1.0858. EUR/GBP is down to 0.7138 from the open at 0.7173. EUR/JPY is down to 130.3740 from the open at131.4730.
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