World Economy

Euro on Defensive

Euro on DefensiveEuro on Defensive

The euro remained under pressure on Tuesday as talks between Greece and its international creditors remained deadlocked and as investors remained cautious ahead of Wednesday’s monetary policy statement from the Federal Reserve, reported. €/$ was last at 1.1269, dipping 0.14% for the day. Talks between Greece and European officials ended without an agreement on a cash-for-reforms deal over the weekend, fueling fears over a debt default that would threaten Greece’s future in the eurozone. Europe wants Greece to make spending cuts worth €2 billion ($2.26 billion) in order to secure a deal that will unlock additional funds before its bailout expires at the end of June and it must repay €1.6 billion to the International Monetary Fund.