International News
The euro’s recent gains were likely to be limited as the prospects of a Greek default continued to weigh on market sentiment. The Greek government stated on Wednesday it had started drafting an agreement with its international creditors, signaling progress in long-running negotiations, this has since been played down by European officials saying negotiators still had much work to do before reaching an agreement
The ECB increased pressure on Greece, suggesting that if the country didn't reach a deal, it risked worsening conditions under which some of its other embattled Eurozone partners can borrow. Greece aims to have an agreement in place by Sunday, despite warnings from Germany and other creditors that Greece is still far from offering sufficient economic overhauls to unlock bailout cash
The euro held steady against the dollar, as investors waited for more information on the status of a deal for Greece. EUR/USD fell from the high of 1.0951 to trade as low as 1.0874
USD strengthened against most of its other major trading currencies, even after a mixed bag of data. Negative Data came in the form of US jobless claims, which rose by 7000 to a four-week high of 282,000 last week [...]
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