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Posted June 30th, 2015 by Charles Purdy

An air of optimism keeps the euro above water

The euro remained slightly higher against the US dollar and sterling on Wednesday as there was an air of optimism around Greece and the general consensus is that a deal is that a bailout deal is growing closer. However, hopes for any sort of deal faded after Greece’s international creditors refused to accept some of Athens’s most up-to-date proposals.…

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Posted June 30th, 2015 by Charles Purdy

Euro falters as uncertainty remains over Greece

The cloud of the Greek exit once more stood in the way of sunshine for the rest of Europe. From the start of play yesterday the euro continually weakened despite strong data out from across Europe. European Manufacturing Purchasing Managers’ Index (PMI) data came out well above estimates – outlining business growth in the region was at a four-year high.…

Posted June 30th, 2015 by Charles Purdy

Euro boosted (slightly) by (possible) Greek debt agreement

Finally: some progress with the situation in Greece. The emergency Eurogroup summit in Brussels edged closer to a deal on Monday after Greece’s new proposals to balance the government’s books had finally broken the deadlock with its creditors. European Commission President Jean-Claude Juncker said a deal is likely to take place by the end of the week.…

Posted June 30th, 2015 by Charles Purdy

Quiet day for the Euro

Thursday was a pretty quiet day for the euro as there was, yet again, no deal for Greece. The single currency weakened throughout the day against sterling, and was fractionally lower against the US dollar. Time is running out for the Greek government to secure a deal to unlock bailout funds ahead of the looming deadline for a €1.6 billion repayment to the International Monetary Fund (IMF) on 30th June.…

Posted June 25th, 2015 by Charles Purdy

Greece remains at the forefront of everyone’s interest

On Friday, the situation and general demand for the single currency remained under pressure over the ever-growing concerns about the Greek debt situation. The current bailout for Greece expires on 30 June, when Athens is also due to repay the International Monetary Fund (IMF) €1.6 billion.

The euro has weakened across the board and it is expected to remain unstable until Greece are able to reach an agreement. Interestingly, there has been discussion that Russia may well begin to finance Greece. However, on Friday the IMF Chief Christine Lagarde made it clear that if the payment due at the end of this month is not made on time, Greece will be declared bankrupt and would therefore be disqualified from receiving any further IMF funds.

Posted June 21st, 2015 by Charles Purdy

Is time running out for Greece?

It was a fairly steady day for the euro as sentiment remained poor – continuing the theme for the whole week. The situation remains fragile, as a deadlock between Greece and its lenders continued ahead of the approaching deadline for Greece’s repayments to the International Monetary Fund (IMF). Its creditors are still demanding that Greece make spending cuts in order to secure a fresh deal, and unlock €7.2 billion in bailout funds – preventing Athens from defaulting on its debts in the short term. The bailout agreement is still set to expire at the end of the month, and time will soon run out for Greece to strike a deal.…

Posted June 20th, 2015 by Charles Purdy

Greek talks continue to dominate the euro’s performance

The euro began to toil yesterday, moving steadily lower against other major currencies, as the deadlock between Greece and its lenders continued.

Poor data from Germany then exacerbated the situation. The ZEW German Business Confidence data was much lower than forecast – encouraging further weakness for the multi-national currency throughout the day, particularly against sterling.…

Posted June 20th, 2015 by Charles Purdy

Euro strengthens against the US dollar, while Greek talks continue

The euro strengthened against the US dollar on Wednesday, but lost ground against sterling, thanks to a stronger looking UK economy. Late in the day the outcome of the latest US Federal Reserve meeting saw the euro strengthen further against the US dollar.…

Posted June 19th, 2015 by Charles Purdy

Will Greece reach a deal with its lenders?

The euro managed to trim its losses against the US dollar on Friday, but remained under pressure as concerns over the Greek debt situation continued to put pressure on the single currency. On Thursday the International Monetary Fund (IMF) pulled out of…

Posted June 19th, 2015 by Charles Purdy

Euro hurt by Greek debt uncertainty

Over the course of the week the euro has been steady against sterling and has gained ground against the US dollar but it has been a week very much of two halves.

Yesterday the euro weakened against the US dollar and sterling after US retail sales data came in slightly better than forecast. It was also weakened by the deadlock that seems to have been reached in Greece’s debt negotiations as the International Monetary Fund withdrew its negotiating team. This is in complete contrast to the start of the week where the messages, especially form Greece, were a lot more positive.

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