Investing.com - The euro remained weaker against the other major currencies on Monday as fresh concerns over Greece’s future in the euro zone weighed ahead of talks between eurogroup finance ministers and Athens later in the day.
EUR/USD was down 0.57% to 1.1137, off the two-month peaks of 1.1391 set last Thursday.
Athens is scrambling to reach an agreement with its international creditors on a package of economic reforms in order to access fresh bailout funds and avert a liquidity crunch.
Ahead of the talks Greece’s government indicated that it was still hopeful that progress would be made but euro zone officials have indicated that too many issues still remain unresolved.
Greece was due to repay approximately €770 million to the International Monetary Fund on Tuesday.
A senior IMF official said Sunday it is working with Greece’s neighbors in southeastern Europe on contingency plans in the event of a Greek default.
The euro extended losses against the yen and the pound, with EUR/JPY down 0.38% to 133.63 and EUR/GBP losing 0.78% to trade at 0.7195.
Sterling showed little reaction after the Bank of England kept monetary policy on hold at the conclusion of its two-day meeting on Monday, ahead of its quarterly inflation report on Wednesday.
The monetary policy announcement was delayed from Thursday because of Britain’s general election.
The dollar remained supported after data on Friday showed that the U.S. economy added 223,000 jobs in April, broadly in line with forecasts.
But March’s payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.
The data did little to alter expectations that the Federal Reserve will keep rates on hold at current record lows until later in the year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.33% to 95.22, off last week’s two-month trough of 93.96.