ForexNewsNow – The euro was gaining ground against the US dollar on Tuesday morning after touching a nine month low against the greenback and a ten year low against the yen on Monday. The EU’s common currency is still caught up in the turbulence of the European debt crisis and also suffering from anxiety surrounding a possible Greek default.
The euro was slightly increasing in value against the US dollar today, trading at 1.3184 as of around 07:30 A.M. GMT.
The EUR/USD pair is up 0.068% on the day and has reached a session high of 1.3227 with a low of 1.3164 – its lowest level since January 13th, 2011.
Concerns over Greek default
Euro area finance ministers met in Luxembourg on Monday and decided to delay any decision on the release of a new tranche of 8 billion euros in aid to Greece.
This announcement has once again shaken up the financial markets with global stock markets ending sharply down on Monday, and Wall Street falling to its lowest level in more than a year.
On Tuesday, the Japanese Finance Minister called on the euro zone to “quickly” implement the Greek bailout package in order to reassure the markets and stem the yen’s historic surge against the euro and prevent the current situation from further degenerating in the coming weeks.