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Forex - Euro slides lower vs. dollar, yen amid Greece election jitters

Published 12/15/2014, 05:03 AM
Updated 12/15/2014, 05:03 AM
Euro remains under pressure as Greece concerns weigh

Euro remains under pressure as Greece concerns weigh

Investing.com - The euro remained under broad pressure on Monday, as growing concerns over potential political instability in Greece continued to dampen demand for the single currency.

EUR/USD hit 1.2419 during European morning trade, the pair's lowest since Friday; the pair subsequently consolidated at 1.2421, shedding 0.33%.

The euro was hit after a surprise decision by the Greek government to bring forward a parliamentary vote for president to this week

The move raised the prospect of snap elections if Prime Minister Antonis Samaras’ candidate is not approved by parliament, which could see the anti-bailout Syriza party take power.

Since the decision, government leaders have expressed fears that Greece could be forced to exit the euro zone if parliament failed to elect a new head of state by December 29.

The single currency dropped against the yen, with EUR/JPY declining 0.45% to trade at 147.32.

Market sentiment also remained under pressure amid concerns over the economic impact of the continuing rout in oil prices and its effect on energy companies.

Investors were also cautious ahead of the Federal Reserve's upcoming policy meeting, as ongoing speculation over the prospects for a U.S. rate hike next year fuelled expectations that the U.S. central bank could adjust its forward guidance.

The euro edged lower against the pound, with EUR/GBP down 0.23% to 0.7910.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, edged up 0.18% to 88.73.

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