Euro is heading lower against its major counterparts today as continued talks about the situation with Greece add uncertainty and cause jitters. More Forex traders and others seem to be steeling themselves for a Greek exit from the eurozone.
Once again, members of the Eurogroup are meeting to discuss the situation in Greece. Another payment on the IMF loan the country received is due tomorrow. Even though Greece is expected to pay, there are still worries about the future of the loan. Concerns about austerity and pensions are weighing on Greece, and negotiations for a different arrangement continue.
Some expect that Greece will reach the point of default on its loan and be forced to exit the eurozone. This situation has been called the “Grexit” and more Forex traders are increasingly worried that the possibility should be priced into the market. Some Germans are also calling for Greece to leave so that the euro can return to strength.
With all this uncertainty, it’s not surprising that the euro is struggling right now.
At 10:32 GMT EUR/USD is lower, dropping to 1.1156 from the open at 1.1200. EUR/GBP is also lower, falling to 0.7208 from the open at 0.7250. EUR/JPY is down as well, dropping to 133.7300 from the open at 134.0050.
If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.
Be First to Comment