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Euro stalls after Greek austerity bounce
The euro is holding steady against the dollar this morning after a short-covering bounce stalled on lingering uncertainty about the fate of Greece’s austerity plan.
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The EUR USD finished lower on Friday as fear continued to dominate the trade. Despite the approval of the Greece austerity measures by the government, investors are still worried the fiscal responsibility plan will not pass the Parliament. The breakdown in the Euro on Friday did not appear to be a major retreat, but rather reactions to rumors that continued to circulate throughout the day. This is a typical reaction by nervous traders who have been forced to wait until June 28 for the final outcome of the Greece austerity vote.
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