News article

Greek worries hold back euro

Greek worries hold back euro
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The debt problems seen in Greece have led to a slight fall in the value of the euro in forex trading on Friday (June 17th).

According to the Wall Street Journal, the single currency stood at $1.4150 at 04:50 BST during the Asia trading session, compared with $1.4213 late the day before in New York.

The euro is well known for being a risk-sensitive currency and investors may have been put off the money following comments by European Union economic commissioner Olli Rehn.

He revealed on Thursday that a decision on Greece's second bailout is unlikely to be made until mid-July.

In an interview with the Wall Street Journal, senior vice president of the foreign exchange division of Mizuho Corporate Bank Dai Sato said: "The situation in Greece is unlikely to suddenly turn for the better or worse. If the global economy recovers and stock markets rally, Greece's problems won't be so much in the spotlight."

Reuters noted that the euro is edging closer to a three-week low as a result of the region's debt issues.

Posted by Greg SeckerADNFCR-1681-ID-800582699-ADNFCR