Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - EUR/GBP trims losses but remains under pressure

Published 06/27/2011, 06:13 AM
Updated 06/27/2011, 06:13 AM

Investing.com – The euro pared losses against the pound on Monday, pulling away from a two-day low but the shared currency remained under pressure amid concerns that the euro zone’s debt crisis will deepen if Greece rejects a new austerity package.

EUR/GBP pulled back from 0.8858, the pair’s lowest since last Thursday, to hit 0.8883 during European late morning trade, still down 0.09% on the day.

The pair was likely to find support at 0.8824, the low of June 21 and resistance at 0.8925, last Friday’s high.

Greek Prime Minister George Papandreou needs to get parliamentary approval for a EUR28.4 billion austerity package on Wednesday, in order to avert a sovereign debt default by securing a EUR12 billion bailout from the European Union and the International Monetary Fund.

The pound was weighed by speculation that the Bank of England may embark on further quantitative easing after the minutes of the bank’s June meeting showed that some policymakers believed the growth outlook had weakened.

Meanwhile, the euro edged higher against the U.S. dollar, with EUR/USD easing up 0.16% to hit 1.4211.

On Sunday, Greece's deputy Prime Minister Theodoros Pangalos warned that the Greek parliament may block some of the economic reforms, but added that lawmakers will probably approve an overall austerity package to stave off a default.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.