The
euro declined, ending a four-day rally against the dollar, as European
leaders wrangled with a defiant Greece about how to avoid a default and
secure financing.
The
single currency dropped versus most of its major peers as Greek Prime
Minister Alexis Tsipras ordered local governments to move their funds to
the central bank based on needs for cash for salaries, pensions and a
repayment to the International Monetary Fund. Federal Reserve Bank of
New York President William C. Dudley said he is relatively optimistic
that a rebound in U.S. growth will support a decision to raise interest
rates later this year, backing demand for the U.S. currency.
The
single currency slipped 0.7 percent to $1.0732 at 1:39 p.m. in New
York, following a 2.3 percent advance during the previous four days, the
longest winning run since April last year. It declined 0.3 percent to
128.15 yen.
The
euro has dropped 7.9 percent this year, according to the Bloomberg
Correlation-Weighted Index. The yen is up 5.5 percent, while the dollar
has gained 5.1 percent.
Source : Bloomberg
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