Euro Slumps As Greek Debt Swap Talks Go Nowhere

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EUR/USD

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We mentioned earlier that the details of the Greek debt swap had not yet been finalised.  Negotiations began last week.  After little progress was made, they continued into the weekend.Who knows when talks will end and what they will ultimately agree too?.

For now, this is giving little confidence to the euro, which is trading at $1.2892.  This is way down from the $1.2930 levels seen on Friday.