FXStreet (Córdoba) – EUR/USD moved off lows and erased intraday losses, although it remained near 1-month lows, after comments from Greek officials lifted hopes the Hellenic country is moving closer to a deal with international lenders.
An unnamed Greek official was cited saying Greece and its creditors have started crafting staff level accord that avoids ‘recessionary measures’. The accord would include lower primary surpluses targets, a long term solution on debt and changes, but not cuts, to Greece’s pension system.
While Greek PM Tsipras reinforced the idea by saying the indebted country has made steps and is on the final stretch to a positive deal, EU officials denied a draft accord soon after the first headlines struck the wires.
Earlier, reports that Greece will likely miss a deadline for a deal with creditors by the end of the week had cooperated to sent EUR/USD to a 1-month low of 1.0818.
The euro was lifted by hopes of a deal and rose briefly above the 1.09 mark to a session high of 1.0910. However, lack of consistency among Greece/EU official comments translated into lack of follow-through in EUR/USD recovery. At time of writing, the pair is trading at 1.0870, virtually unchanged on the day.
(Market News Provided by FXstreet)