The European single currency slid for another day versus most of the 16 main trades ones in forex markets as Greece and the EU are exchanging accusations towards each other regarding the southern country budget crisis and how it should be solved, shunning investors from the Eurozone.
Greek Prime Minister George Papandreou said yesterday he may turn to the International Monetary Fund to bail out its country and end the most severe national crisis in the Eurozone since the single currency was introduced in 1999, raising concerns that a disparate of opinions among ECB, German and Greek officials may hurt even more the already unstable market sentiment towards investments in the region. The Swiss franc was one of the biggest winners versus the euro this Thursday, as Swiss National Bank officials are considering hard to sustain the alpine country’s currency to advance versus the euro.
The market scenario in Europe is having a hard time to improve, and it’s unlikely that it will in fact ameliorate any time soon, as it’s important to remember that Greece is not only country with a budget deficit much beyond the region’s target, which is taking the euro to a darker future in the coming months, as interest rates also won’t provide support for a rally in the bloc’s currency.
EUR/USD traded at 1.3615 as of 02:43 GMT from a previous rate of 1.3692 yesterday.
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