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Forex - Euro dips against pound as Greek debt fears weigh

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Forex Pros - The euro dipped against the pound in holiday thinned trade on Monday, slipping to a daily low as fears over a possible Greek debt default cast a pall over the single currency.

EUR/GBP hit 0.8657 during European morning trade, the daily low; the pair subsequently consolidated at 0.8666, dipping 0.07%.

The pair was likely to find support at 0.8608, last Thursday's low and a two-month low and resistance at 0.8710, last Thursday's high.

Later in the week, European Union and International Monetary Fund officials were expected to deliver a report on Greece's attempts to meet fiscal targets under its bailout plan.

Over the weekend, Germany's Der Spiegel magazine said the review will find Greece has missed all its targets. However, the IMF said Sunday that the media report was untrue.

Prime Minister George Papandreou has failed to win backing from the opposition to adopt fresh austerity steps, fuelling concerns over whether Greece will receive its next tranche of bailout loans.

The euro was also lower against the U.S. dollar with EUR/USD shedding 0.20% to hit 1.4289.

Liquidity was relatively thin as U.K. markets remained closed for the Spring Bank Holiday, while U.S. markets were to stay closed for Memorial Day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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