Greek payment delayed yet again

Monday, 20 June 2011 12:41

EUR/USD starts the week with a downward spiral, resulting from the failure of agreement amongst the European leaders about the Greek bailout plan.  Decision has been delayed up until July, whether or not Greece will receive the 12 billion euros as part of the 110 billion euros given to Greece in last year's crisis.

News on a delayed Greek payment sent the Euro/Dollar to a downfall.  The Euro was pushed further down as Producer Price Index in Germany falls to 0.0%, while economists expected 0.2%; much lower than previous month's 1.0%.  During morning hours while the above news releases were being announced, the Euro fell to 1.4130 against the Dollar.

Later on the Euro grew slightly stronger as it overturned to trade higher at 1.4224, going to 1.4245; then falling back to 1.4124.

Currently, the pair is trading at 1.4126.