Euro Retreats As Greece Optimism Fades
April 24 2015 - 10:22AM
RTTF2
The euro trimmed its early advance against its major
counterparts on Friday, as the Eurogroup leaders expressed
frustration about the lack of progress over Greece reforms and
refused to release financial aid until Greece come up with the
comprehensive reform list.
At the press conference following the meeting in Riga, the euro
group chief Jeroen Dijsselbloem said that Greece must present
comprehensive and detailed list of agreed reforms, based on the
February 20 agreement, before any disbursements can be done.
The officials criticized Greece's finance minister Yanis
Varoufakis for the method of handling the issue, accusing him of
delaying time and playing with Greece's future.
The Eurogroup will meet on May 11, when they will assess Greece
again.
The euro strengthened against its most major rivals on Thursday,
as talks between Greek Prime Minister Alexis Tsipras and German
Chancellor Angela Merkel were deemed constructive.
The currency finished the Asian session higher, but has eased in
European deals.
The euro edged down to 0.7147 against the pound and 1.3858
against the aussie, off early 4-day high of 0.7211 and a 9-day high
of 1.3976, respectively. The next possible downside target for the
euro may be found 0.70 against the pound and 1.35 against the
aussie.
The euro reversed from early more than 2-week highs of 1.0899
versus the greenback, 130.10 against the yen and 1.4393 against the
kiwi, edging down to 1.0813, 128.84 and 1.4266, respectively. If
the euro continues its downtrend, it may challenge support around
1.07 against the greenback, 128.00 against the yen and 1.42 against
the kiwi.
The euro, which climbed to more than a 2-week high of 130.10
against the yen at 4:30 am ET, slipped to 128.84. The euro is seen
finding support around the 125.00 mark.
The euro pared gains to 1.0323 against the Swiss franc, after
climbing to 1.0377 at 3:15 am ET. Next key support for the euro is
possibly seen around the 1.025 region.
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