EUR/USD slips on Greece concerns

Posted On 30 Mar 2015

EUR/USD drifted lower in Asia after opening at 1.0885, moving further away from Friday’s high of 1.0950. The pair touched a low of 1.0855. Weighing on the euro are concerns over Greece. Today is a crucial data as the Greek government is waiting for its creditors to study new reform plans put forward by Prime Minister Alexis Tsipras’ government in a bid to secure further bailout funds.

Officials from the EU, the International Monetary Fund (IMF) and the European Central Bank (ECB) are examining the proposals of the 18-point reform programme which includes moves to combat tax evasion, more privatizations and higher taxes on alcohol and cigarettes.

Greece fears it will run out of cash in April if bailout money is not released.

USD/JPY opened in Asia at 119.22 and traded a small range during the session between 119.12 and 119.32. The yen fell after data showed Japan’s industrial output fell in February at the fastest pace in eight months due to declines in production of machinery, cars and electronics in a worrying sign that domestic demand could be faltering. The main risk for the USD/JPY pair will be Friday’s US nonfarm payrolls report.

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