Forex - Euro down against dollar as Greece debt woes persist
Investing.com
Published Jun 27, 2011 02:27AM ET
EUR/USD hit 1.4103 during late Asian trade, the pair’s lowest since June 16; the pair subsequently consolidated at 1.4133, shedding 0.38%.
The pair was likely to find support at 1.4067, the low of May 5 and resistance at 1.4305, Friday’s high.
Greece received a EUR110 billion bailout from the European Union and International Monetary Fund in May 2010 but now needs a second bailout in order to avert a sovereign debt default.
In order to meet the terms demanded by the international lenders, the country's parliament must approve a EUR28.4 billion austerity package in a vote on Wednesday.
The euro was also down against the pound, with EUR/GBP shedding 0.27% to hit 0.8867.
On Sunday, Greece's deputy Prime Minister Theodoros Pangalos warned that the Greek parliament may block some of the reforms, but added that lawmakers will probably approve an overall austerity package to stave off a default.
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Written By: Investing.com
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