The common currency of the European Union slipped from its one-month high against the U.S. dollar on Tuesday after doubts rose about the Greek deal to which euro zone finance ministers agreed on Monday in Brussels, Bloomberg reports.
Monday's meeting, which was the third in three weeks for the sake of aiding the Aegean nation acquire bailout aid to rescue it from fiscal troubles, ended up with the ministers agreeing to buy bonds from the debt-hobbled country. Global regulator the International Monetary Fund suggested it might cut interest rates and offer Greece additional time to pay off loans.
"The Greek deal was pretty much as the market expected," currency strategist Raghav Subbarao with Barclays Plc in London told the news source on Tuesday. "The likelihood of a Greek default in the near term was priced to be very low and will pretty much go to zero once Greece has the cash in hand."
The euro also rose against the Japanese yen early during Tuesday's session but increasing doubt pulled down those advances.
Reuters reports the 17-nation monetary unit also endured losses after the president of the Dallas Federal Reserve Bank noted concerns about the asset-purchasing program of the U.S. Federal Reserve at a speaking engagement in Germany.
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