Euro falls on renewed concerns over Greek debt
The single currency fell against the dollar on Monday on renewed worries over Greek debt that whether Greece would secure aid before it runs out of cash in three weeks.
Greek PM Tsipras said government has secured 100 million euros from settlement of tax arrears in a week; debt restructuring is needed for Greece to repay its debt; third bailout will not be under discussion in June; lenders have committed to start debt relief talks in June.
The greenback rallied from 119.13 to as high as 120.22 against the Japanese yen on speculation of widening interest-rate differential that Japan may add stimulus in Q2 whilst the Federal Reserve will raise U.S. interest rates this year.
Japan's PM Shinzo Abe said monetary policy is not aimed at weakening yen but to achieve price stability. BoJ Governor Haruhiko Kuroda said if FX market moving in line with fundamentals then see no negative impact on economy; we monitor economic impact of FX moves but not conducting policy to move FX market. Kuroda said need to monitor impact QE is having on financial system.
The Brithish pound tumbled from 1.4901 to as low as 1.4752 on dollar's broad-based strength due to the rally in global stock markets. Dow Jones index closed up 1.49% or 264 points to 17976.
Tuesday will see the release of Australian HIA New Home Sales, U.K. GfK consumer sentiment, Japan's housing starts, German retail sales and unemployment, eurozone inflation and unemployment rate, U.S. Redbook, Chicago PMI and consumer confidence.
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