Prime News: Euro retains advances as Greek debt drama continues

The euro maintained its gain Tuesday following it rallied versus the US dollar as the initial reaction to Greece close to defaulting eased modestly, but tensions were still high as traders were monitoring developments in the debt crisis.

Greece is supposed to give a €1.6 billion payment to the International Monetary Fund Tuesday or the country will be facing the likelihood of eurozone exit.

The common currency closed at $1.1216 from $1.0955 overnight. It also stood at ¥137.65 from ¥133.80 overnight.

It is difficult to assess why the currency bounced back, but “bargain hunters were waiting when it fell below $1.10,” said Kyosuke Suzuki, director of forex at Societe Generale.

The material has been provided by InstaForex Company –