Euro Scales Down

The euro slipped after negotiations to acquire a different debt covenant for Greece broke down.

Breakdown in discussions between Athens and other EU members fueled misgivings regarding the future of Greece in the bloc.

The shared currency lost 0.15 percent going down from $1.1429 to $1.1339. It also declined versus the Swedish crown.

FOREX strategists believe there will be a slow decline of the euro and dollar as well as euro and pound sterling in the near-term.

The euro also plunged to 134.40 Japanese yen after touching a one-week trough of 133.96 yen. Meanwhile, the US currency scaled up 0.1 percent to 118.52 Japanese yen.

The downfall of Greek debt consultation flustered some investors. Nonetheless, there is hope of an eleventh-hour deal happening in favor of Greece.

Yet, the market does not appear to be troubled by a likely exodus of Greece from the Union. The common currency regained the 1.14 rank in succeeding trades based on the robust that anticipated sentiment survey of the German ZEW economic sentiment.

Stakeholders will be watching Greece carefully during the next few days. The European Central Bank will have to come to a decision whether to provide emergency loans to Greek banks which are facing problems of bleeding deposits. According to Dutch Finance Minister and lead person Jeroen Dijsselbloem, Athens should request for an extension before the weekend.