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Having climbed as high as $1.4580, the European single currency fell to around $1.4525 following comments from Standard & Poor's (S&P) on plans to bail out the Greek economy, reports Reuters.
According to S&P, proposals for a debt rollover scheme could put the country into selective default.
The rating agency said there is a "realistic possibility that [the] financing option would fit the 'distressed' category", due to the country's reliance on European Union and International Monetary Fund cash.
In the immediate aftermath of these remarks, the euro declined to $1.4510, before enjoying a partial recovery in fx trading.
Jeremy Stretch, head of currency strategy at CIBC World Markets, said Greece was always likely to be a "sticking point" for investors planning to purchase euros.
"Having said that, the euro does not look vulnerable unless it falls below $1.4490," he insisted.
Posted by Greg Secker
