Currency Note Euro

Euro surprises by holding steady

By Ricky Bean July 7th, 2015

The euro edged slightly weaker against other major currencies on Monday, but losses were contained as the markets eagerly await any further developments in the long-running Greek debt crisis. The single currency moved lower in the early hours of the morning after Greece rejected conditions for a bailout package from creditors in a referendum on Sunday, with 62% voting “No”. Greek Prime Minister Alexis Tsipras said that Athens was returning to bailout negotiations with the express goal of reopening banks – with liquidity in the Greek banks remaining dangerously low, this is seen as a major priority for Greece.

Today we have German industrial data out but the major focus will lie on Greece’s shoulders to see if any further developments take place or if the deadlock can be broken. It had been hoped that the Greek banks would open today but this is highly unlikely.