Euro Holds Steady as Traders Await News from Greece
Euro is holding steady right now as Forex traders wait for news about what's next for Greece. Financial markets around the world are waiting to see whether or not Greece will accept the austerity measures that are required for a bailout. If Greece accepts, 130 billion euros will be offered and the country will avoid default. If Greece refuses the austerity measures, it could mean a default - and the destabilization of the entire eurozone.
Right now, there is just enough hope that the deal will get done that the euro is holding steady. While off highs seen earlier in the session, the euro still remains slightly higher against the US dollar in rangebound trading. Analysts are considering the possibility that Greece will ultimately exit the eurozone - no matter what happens in terms of acceptance or rejection of the deal today.
For now, though, most Forex traders are in wait and see mode. Recently, there has been some encouraging economic data out of the eurozone. If leaders can prevent a Greek default, and many are waiting for PM Lucas Papademos to make an announcement, the euro will likely see some positive action.