Euro sinks to 6-day low vs dollar on new Greece fears

ForexNewsNow | Published on June 19, 2010 at 4:18 am

NEW YORK (Forex News Now) – The euro sank to a 6-day low against the dollar on Monday, amid fresh fears over Greece’s debt crisis following the postponement of talks over an EU-IMF plan for the Aegean nation.

In European morning fx trading, EUR/USD struck 1.3426, the euro’s lowest versus the dollar since April 9. The currency pair later edged back up to trade at 1.3436, down 0.49%.

Earlier Monday, Greece’s Finance Ministry said the government’s talks with the International Monetary Fund, European Central Bank and European Commission the emergency loan package would be delayed until Wednesday.

The ministry cited the cloud of volcanic ash disrupting flights across Europe as the reason for the postponement.

FX traders say, meanwhile, that EUR/USD is likely to encounter support at the low of March 25, 1.3267, and meet resistance at the high of April 12, 1.3692.

Later in the day, global forex markets awaited a speech by Federal Reserve Chairman Ben Bernanke, for clues to future monetary policy, and key data on consumer price inflation in New Zealand.

 

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