Euro Weaker as Week Opens

The euro was lower in Asia at the start of week’s trade as the disappointment over the lack of a definitive deal between Greece and private sector investors caused the currency to slide to 1.3140 from its Friday’s close of 1.3225. Although the reports over the weekend suggested that the two parties were close – agreeing on a 60% haircut and a coupon just below the 4% rate – no formal announcement has yet been made frustrating some market players who had been expecting a deal to be concluded.

Commentary from Boris Schlossberg, Director of Research, GFT