The euro halted its two-week surge versus the US dollar, as Greece’s financing concerns and the European Central Bank’s monetary easing was not aligned with the Federal Reserve’s direction toward higher interest rates.
Greek Prime Minister Alexis Tsipras would update European lenders Monday in order to secure more funding from the eurozone to fend off fiscal collapse.
The common currency, which declined against 13 of its 16 major counterparts, slid 0.2% to $1.0863. Versus the Japanese yen. it closed at ¥129.52 from ¥129.73.
Concerns about Greece’s funding still has the possibility to hurt the euro… “Markets have converged on June/September as the timing of the first hike” and the US dollar will continue to rally into this move” said Sam Tuck, Senior Currency Strategist at ANZ Bank New Zealand Ltd.
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