Shutterstock photo
Markets

Forex - EUR/USD slips amid ongoing Greek debt uncertainty

Shutterstock photo

Shutterstock photo

Forex Pros - The euro slipped against the U.S. dollar on Wednesday, pulling away from a three-day high in volatile trade amid continuing uncertainty over possible restructuring of Greece's sovereign debt.

EUR/USD retreated from 1.4287, the pair's highest since May 13 to hit 1.4228 during early U.S. trade, slipping 0.05%.

The pair was likely to find support at 1.4198, Tuesday's low and resistance at 1.4422, the high of May 11.

European Commissioner Olli Rehn said Tuesday Greece had promised there will be an announcement in the coming days of new efforts to tackle its economic crisis and added his voice to those willing to consider a Greek debt "re-profiling" or a voluntary extension of loan maturities.

Earlier Wednesday, Germany paid less to borrow than in April at a sale of EUR 4.9 billion in five-year bonds, as concerns over Greece's debt crisis boosted appetite for bonds from the euro zone's most secure borrower.

Meanwhile, the euro was up against the pound, with EUR/GBP rising 0.58% to hit 0.8810.

Later in the day, the Federal Reserve's Open Market Committee was to publish the minutes of its April policy setting meeting.

Forex News

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.

Other Topics

ForEx