Uncertain Greek Outlook Doesn’t Phase Euro

Tuesday, July 9, 20130 comments

After last week’s crash, the euro appears to be starting this week on a slightly better note. Even with uncertainty surrounding Greece, the euro is managing to log gains today.
Concerns about whether or not Greece will be able to meet the obligations placed on it by the bailout program instituted by the ECB and IMF are having very little negative impact on the euro right now. However, things could change later today.
Right now, there is a debate concerning the feasibility of delaying a needed payment of 8 billion euros to Greece. In Athens, the debate rages on about how big cuts to the public sector can be — and how to make them, since they will be unpopular. Meanwhile, the debate rages on amongst eurozone leaders about whether or not to make payment or withhold it until Greece fixes its budget issues.
In the background is Portugal, which experienced something of a crisis last week. Leaders are waiting for the latest update from the corner.
So, even though the euro is higher, whether or not it can maintain its gains will depend largely on what eurozone leaders decide.
At 12:12 GMT EUR/USD is up to 1.2850 from the open at 1.2811. EUR/GBP is up to 0.8619 from the open at 0.8613. EUR/JPY is up to 130.0750 from the open at 129.7300.
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