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EUR/USD update (25th May 2011, 14:30)

The euro continues to suffer this morning as a result of Greek debt concerns.

The single currency pared losses following news that the Finnish parliament had approved the Portuguese bailout, which relieved any lingering concerns that the Finns would block the rescue (although with the eurosceptic True Finns in opposition rather than government, that was unlikely). However, political concerns in Greece are emerging that threaten to derail the entire rescue programme. The Greek opposition, which earlier this month called for a renegotiation of the original bailout programme, has said that they would not support further austerity measures. This has put the next bailout instalment at risk, as well as any additional aid programme that may be under consideration.

Rumours swirled this morning about a snap election in Greece that would put additional pressure on the single currency. Looking at the chart, the downtrend appears to have stalled for now, but further political ructions in Greece, or the selection of a non-European as head of the IMF could well push EUR/USD below $1.4 and closer towards its 200-day moving average.

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EUR/USD update (25th May 2011, 14:30)

The euro continues to suffer this morning as a result of Greek debt concerns.

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