Forex - EUR/USD lower on Greece debt deal uncertainty

Published 01/23/2012, 02:30 AM
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EUR/GBP
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Investing.com - The euro was lower against the U.S. dollar on Monday, as uncertainty over an agreement to restructure Greece’s debts weighed in thin choppy trade, with many Asian markets closed for Lunar New Year.

EUR/USD hit 1.2876 during late Asian trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 1.2890, shedding 0.30%.

The pair was likely to find support at 1.2838, last Thursday’s low and resistance at 1.2985, Friday’s high and a 12-day high.

On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the European Union and the International Monetary Fund to agree on whether they can accept the deal.

EU finance ministers were to meet in Brussels later in the day to discuss the terms of the debt restructuring package, which is a precondition for Athens to receive its next tranche of bailout funds.

The euro was fractionally lower against the pound, with EUR/GBP slipping 0.07% to hit 0.8295.

Financial markets in China, Hong Kong, South Korea, Taiwan and Singapore were closed to welcome in the Chinese Year of the Dragon.


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