By Neal Armstrong LONDON, May 10 (Reuters) – The euro pared losses in volatile trade on Tuesday on a media report, later denied, that heavily indebted Greece could agree a new rescue deal next month to help it meet its funding requirements in the next two years. The euro rose around half a cent to trade as high as $1.4376 after Dow Jones quoted a senior Greek official as saying that a new deal could be struck as early as June. [ID:nLDE7490LK] It later fell back after Greece denied it was discussing a new package and a German MP questioned whether Greece had met the terms for its next aid tranche, and was last trading around $1.4330, a touch softer on the day. Traders said a semi-official name was seen selling around the day’s highs. “This seems a bit early to come up with something concrete. I think we’ll get more posturing before a deal can be agreed on Greece,” said Gavin Friend, currency strategist at nabCapital.
Greece must follow the steps laid down in its budget adjustment programme before any additional loans can be considered, European Central Bank Executive Board member Lorenzo Bini Smaghi said on Tuesday. Asked about the possibility of a new loan being extended to Greece, Bini Smaghi said the Athens government had to press on with what had already been agreed. “Our view is that policy makers will probably not want to derail the European banking industry in the midst of stress tests, and further Greek aid will probably be forthcoming,” said Chris Turner, head of fx strategy at ING in a note. To read more, visit:Â http://www.reuters.com/article/2011/05/10/markets-forex-idUSLDE74910320110510
Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!
We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.