Euro under pressure on Grexit concerns
Euro came under pressure as speculations on Grexit are more and more in focus. ECB's Noyer says Grexit would mean trauma for the Eurozone.It would affect world economy, but also Greece would face major economic crisis if it leaves euro. What Greece must do is quickly make full reform proposals, because Greek banks at some point may not find collateral for refinancing, even for emergency liquidity.
On the other hand, Greece said it won’t renege on election pledges to end austerity measures, even as creditors pressed for a compromise to free financing and avert a worsening crisis.“We want a viable solution within the euro,” Greek Deputy Prime Minister Yannis Dragasakis said in an interview published Sunday in Athens-based To Vima newspaper. Still, “we don’t budge from our red lines.”
ECB President Mario Draghi said in Washington on Saturday that while the situation is “urgent,” it’s premature to speculate about a Greek exit from the currency union. Euro is currently being traded few points above 1.0770 level. Pair is likely to find support around 1.0750 and resistance above 1.0850 area. There will be no major data releases in the rest of the session.
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