The euro rallied on Wednesday but was under heavy pressure from concerns about Greece and its debt issues. The country desperately needs to secure a bailout before money runs out, but so far no progress has been made in negotiations.
Today, Greek Prime Minister Alexis Tsipras was meeting with Greece’s creditors and then with eurozone finance ministers. Tsipras proposed several reforms to improve the financial state of the country. The International Monetary Fund and European officials made a counter-proposal, which was rejected by the Greek Prime Minister. Negotiations will continue tomorrow.
There is little time left for Greece to secure funds for debt repayment, and the probability of default increases with each passing day. Yet no agreement is in sight, causing worries among investors.
Meanwhile, relatively positive macroeconomic data from the United States added pressure on the shared 19-nation currency.
EUR/USD rose from 1.1167 to 1.1205 as of 22:54 GMT today. EUR/GBP advanced from 0.7097 to 0.7133 and EUR/JPY rallied from 138.39 to 138.79.
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