Exchange rates and converters
News from money markets
After posting gains overnight, the dollar ran out of steam in N.Y. trade on Monday. EUR-USD was sold into the 1.1000 level in early dealings, though found support ahead of the figure, before rebounding over 1.1090. The Greece mess remains in place, with confusion reigning for the most part. USD-JPY showed signs of strength after Wall Street pared early losses, though later retreated under 122.40 as stocks turned lower again. Renewed Grexit talk, coupled with calls from Germany's Merkel for Greece to come up with concrete proposals weighed on risk levels into the close.
The euro rebounded most of the losses seen in early Asia-Pacific trade as markets reacted to Greece's 'no' to austerity vote at the weekend. EUR-USD rebounded to the mid-1.10s after hitting a 1.0970 low, which left last Monday's trough at 1.0951 untroubled. The pair still remained about 40 pips lower on the day even. Europe's STOXX 600 equity was off its lows with a 0.6% decline in early European PM session, and Bund yields are down on safe-haven buying of German debt as markets hunker down following Greece's vote.
The euro should remain biased lower as 'Greuncertainty' flares up in the wake of the 'no' vote over the weekend, which raises the odds of Grexit. Immediate focus will be on the ECB and what it decides to do with regard its ELA lifeline to Greek banks. The Greek government thinks that it will have a stronger hand at negotiations, but the signals from creditors last week was that a 'no' victory would spell an exit from the euro. Germany's Merkel and France's Holland are due to meet this evening to discuss the situation, and there is an EU summit and Eurogroup meeting tomorrow evening.
Merrypenny website provides the latest exchange rates from the European Bank (ECB) on daily basis, easy to use online currency converters work flawless on smartphones, tablets and computers.