Euro Higher But Struggling on Greek Drama

Euro is mostly higher today, but it is also struggling a little bit. The difficulties with Greece are once again influencing the 19-nation currency, and gains have been hard-won and uncertain today.

Earlier today the euro dropped back below the 1.12 mark against the US dollar, thanks in large part to concerns about what’s next in the drama with Greece.
Concerns about how far apart creditors and Greece are right now are weighing on the 19-nation currency. A deal was made to extend one of Greece’s payments until the end of June, but over the weekend talks didn’t make any progress. As a result, there are concerns about the ability of Greece to meet this newer deadline.
For now, the euro has managed to move higher. It is back above the 1.12 mark against the US dollar, and gaining against other major currencies. However, there is still potential euro weakness hinged on Greece (and possibly Italy and Spain) as well as concerns related to the latest concerns about China and emerging markets.
At 9:21 GMT EUR/USD is moving higher against, gaining to 1.1233 from the open at 1.1215, and off the session low of 1.1189. EUR/GBP is up to 0.7240 from the open at 0.7214. EUR/JPY is up to 138.71 from the open at 138.15.

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