The Euro remains under pressure this morning after the announcement of the $146 billion aid package for Greece failed to calm investors and restore confidence to the Euro Zone. Traders are reluctant to throw their support behind the Euro because of lingering problems in Spain, Ireland and Portugal.
Euro Gains Ground; Greece close to Multiyear Rescue Package
U.S. Equity Markets firm after EU agrees on Financial Aid Package
Euro Falls as Uncertainty remains over Greek Bailout Package
The Euro was under pressure throughout the New York session as uncertainty over the Greek bailout package encouraged more selling. Downside momentum dried up as the market approached last week’s low at 1.3443. This triggered a late session short-covering rally which helped erase close to half of its losses.