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Impending Greek deadline pushes down euro

6th February 2012

A failure for Greek MPs to sign off on the terms of the new bailout package for the country has had a far-reaching impact for the euro in trading this morning (February 6th).

Reuters reports Greece's coalition representatives have until midday to ratify the latest agreement, although analysts now fear the gulf between the demands of the International Monetary Fund and the Greek people are too wide to reconcile.

"Real money investors are still structurally short of the euro and if cash is not made available to Greece, it will not be good news," Chris Walker, currency strategist at UBS, told Reuters.

As a result, the euro has lost 0.6 per cent against the US dollar in forex trading so far today to stand at $1.307.

The news follows a fall for the single currency last week on the back of waning confidence that a resolution over the Greek deficit would be achieved in the latest round of talks.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.