Investing.com - The euro turned lower on Monday, giving up early gains as investors nervously eyed last ditch talks in Brussels aimed at reaching a deal to unlock bailout finds for Greece in time to avert a default.
EUR/USD touched lows of 1.1313 and was last at 1.1342, off early highs of 1.1403.
The single currency initially gained ground after the Greek government submitted a new package of economic reforms to its creditors, indicating that it is prepared to make concessions to break a deadlock to unlock bailout funds.
Greece’s existing bailout is set to expire at the end of this month, when it must also repay €1.6 billion to the International Monetary Fund.
A default by Greece could trigger the country’s exit from the euro zone.
Greek Prime Minister Alexis Tsipras was to hold talks with representatives from the IMF, the European Central Bank and the eurogroup of finance ministers on Monday, ahead of an emergency summit by European Union leaders later in the day.
If no deal is reached Greece may need to impose capital controls on Tuesday to stem a mounting crisis in the banking sector after bank withdrawals rose to more than a billion euros a day late last week.
The euro held gains against the yen and the Swiss franc, with EUR/JPY at 139.68 and EUR/CHF at 1.0441.
Meanwhile, the dollar pushed higher against the yen, with USD/JPY rising 0.33% to 123.11.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.36.