Forex - Euro lower against dollar amid concerns over Greek debt
Investing.com
Published May 11, 2011 06:40AM ET
EUR/USD hit 1.4368 during European late morning trade, the daily low; the pair subsequently consolidated at 1.4387, sliding 0.14%.
The pair was likely to find support at 1.4269, Tuesday’s low and resistance at 1.4587, last Friday’s high.
Earlier in the day, Germany's deputy finance minister said that euro zone officials will debate Greece's debt crisis next week but no decision will be taken. He added the sovereign debt crisis in some European countries was not a crisis of the euro.
Meanwhile, French Finance Minister Christine Lagarde said that it was hard to see Greece returning to debt markets in 2012, adding that Europe would have to keep financing countries in difficulty to avoid a costly restructuring.
The euro was also lower against the pound, with EUR/GBP tumbling 0.90% to hit 0.8724.
Earlier Wednesday, the Bank of England raised its medium-term forecast for inflation to just under 2% and said it could soon hit 5% before falling back, rekindling expectations for an interest rate increase this year.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.