Investing.com - The euro was down against the pound on Monday, pulling back from a one-month high ahead of a European Union summit later in the day, while talks between Greece and its private creditors on a debt swap deal dragged.
EUR/GBP hit 0.8373 during European morning trade, the daily low; the pair subsequently consolidated at 0.8371, shedding 0.38%.
The pair was likely to find support at 0.8337, Friday’s low and resistance at 0.8407, Friday’s high and a one-month high.
EU leaders were expected to finalize discussions on a pact aimed at enforcing deficit control measures in the region and to sign off on a EUR500 billion permanent rescue fund to be set up this year.
Sentiment on the single currency was also hit by delays in negotiations between Greece and its private creditors on a debt restructuring plan.
An agreement is necessary for Greece to secure its next tranche of bailout funds in order to avoid a default when a EUR14.5 billion bond repayment comes due on March 20.
The pound continued to be weighed by speculation that the Bank of England may implement fresh quantitative easing measures, possibly as soon as next month, in order to shore up growth in the faltering U.K. economy.
The euro was also down against the U.S. dollar, with EUR/USD falling 0.77% to hit 1.3117.
Also Monday, Italy was to auction as much as EUR8 billion in long term government debt, after the country received a two-notch downgrade from Fitch’s Ratings on Friday.
EUR/GBP hit 0.8373 during European morning trade, the daily low; the pair subsequently consolidated at 0.8371, shedding 0.38%.
The pair was likely to find support at 0.8337, Friday’s low and resistance at 0.8407, Friday’s high and a one-month high.
EU leaders were expected to finalize discussions on a pact aimed at enforcing deficit control measures in the region and to sign off on a EUR500 billion permanent rescue fund to be set up this year.
Sentiment on the single currency was also hit by delays in negotiations between Greece and its private creditors on a debt restructuring plan.
An agreement is necessary for Greece to secure its next tranche of bailout funds in order to avoid a default when a EUR14.5 billion bond repayment comes due on March 20.
The pound continued to be weighed by speculation that the Bank of England may implement fresh quantitative easing measures, possibly as soon as next month, in order to shore up growth in the faltering U.K. economy.
The euro was also down against the U.S. dollar, with EUR/USD falling 0.77% to hit 1.3117.
Also Monday, Italy was to auction as much as EUR8 billion in long term government debt, after the country received a two-notch downgrade from Fitch’s Ratings on Friday.