Investing.com - The euro was steady against the U.S. dollar on Tuesday, after European finance ministers rejected a proposal by Greece’s creditors aimed at restructuring Greece’s debt in order to avert a default.
EUR/USD hit 1.2988 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3012, unchanged on the day.
The pair was likely to find support at 1.2874, Monday’s low and short-term resistance at 1.3052, Monday’s high and a 13-day high.
Following a meeting in Brussels, euro zone ministers called on private bond holders to drop demands that new bonds to be issued in exchange for their existing Greek bonds will carry an interest rate of 4%.
Greece stated that it was not willing to pay a rate of more than 3.5%, a position which the European Union and the International Monetary Fund supports.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
The euro remained supported after Olli Rehn, the European Commissioner for Economic and Monetary Affairs, said he expected a deal on the debt swop to be struck "within days".
The euro was fractionally higher against the pound, with EUR/GBP inching up 0.06% to hit 0.8364.
Later in the day, the euro zone was to publish preliminary data activity in the manufacturing and service sectors, while France and Germany were to produce individual reports. The euro zone was also to release official data on industrial new orders.
Meanwhile, EU finance ministers were to hold discussions in Brussels throughout the day.
EUR/USD hit 1.2988 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3012, unchanged on the day.
The pair was likely to find support at 1.2874, Monday’s low and short-term resistance at 1.3052, Monday’s high and a 13-day high.
Following a meeting in Brussels, euro zone ministers called on private bond holders to drop demands that new bonds to be issued in exchange for their existing Greek bonds will carry an interest rate of 4%.
Greece stated that it was not willing to pay a rate of more than 3.5%, a position which the European Union and the International Monetary Fund supports.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
The euro remained supported after Olli Rehn, the European Commissioner for Economic and Monetary Affairs, said he expected a deal on the debt swop to be struck "within days".
The euro was fractionally higher against the pound, with EUR/GBP inching up 0.06% to hit 0.8364.
Later in the day, the euro zone was to publish preliminary data activity in the manufacturing and service sectors, while France and Germany were to produce individual reports. The euro zone was also to release official data on industrial new orders.
Meanwhile, EU finance ministers were to hold discussions in Brussels throughout the day.