The EUR/USD drifted lower in Asian and early European trade as Sunday’s meeting of European Finance Ministers failed to produce any concrete solution to the Greek debt crisis. The European finance ministers said that they narrowed their differences on the issue, but have yet to agree on a comprehensive approach to getting creditors to participate in the voluntary rollover of debt in order to avoid triggering default.
Meanwhile in Greece the confidence vote for Prime Minister George Papandreou’s government has been delayed until Tuesday as the Parliament debates the proposed austerity measures. The failure to progress on every policy front and the overall lack of clarity has put fresh selling pressure on the EUR/USD as concerns mount that the European authorities will be unable to resolve the issue of Greek debt before the rollover deadline in mid July.
As the political negotiations continue the prospect of further downgrades for other European periphery debt has also put market on edge. Late last Friday Moody’s placed Italy’s Aa2 rating on review saying structural weaknesses such as a rigid labor market pose a challenge to growth.
For the time being the EUR/USD continues to hold the 1.4200 level as traders await news of a deal, but as the negotiations drag on this week without producing any definitive resolution to the crisis and the pair could tumble towards the 1.4000 figure as frustration and fear come to dominate market sentiment.
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