Forex – EUR/USD remains lower in quiet trade


Euro remains on the downside vs. dollar, Greece concerns still weighEuro remains on the downside vs. dollar, Greece concerns still weigh – The euro remained lower against the U.S. dollar in quiet trade on Monday, as concerns over the lack of an agreement on economic reforms for bailout funds between Greece and its creditors continued to weigh on the single currency.

EUR/USD hit 1.0713 during European afternoon trade, the session low; the pair subsequently consolidated at 1.0747, retreating 0.55%.

The pair was likely to find support at 1.0622, the low of April 16 and resistance at 1.0888, the high of April 8.

The euro remained under pressure as Athens was no closer to reaching an agreement with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that Greece could be forced out of the euro zone.

Meanwhile, sentiment on the dollar remained fragile after a recent run of soft economic data saw investors push back expectations for higher U.S. interest rates.

Markets shrugged off data on Friday showing that U.S. consumer prices were higher for a second successive month in March.

The consumer price index edged up 0.2% last month, matching a similar gain in February. On a year-over-year basis, consumer prices dipped 0.1% in March after remaining flat in February.

Core consumer prices, which exclude food and energy costs increased 0.2% in March for an annual increase of 1.8%, the largest since October.

The euro was also lower against the pound, with EUR/GBP shedding 0.28% to 0.7206.

Source By Breaking News Website | BreakingNews.WS