US dollar rises against euro amid Greek concerns

GMT 12:36 2015 Wednesday ,01 July

Arab Today, arab today US dollar rises against euro amid Greek concerns

US dollar rises
New York - XINHUA

The U.S. dollar climbed against the euro Tuesday as Greek debt situation worsened with a looming default on a loan installment to the International Monetary Fund ( IMF).

The shared currency of euro was under pressure when Greek Finance Minister Yanis Varoufakis said earlier Tuesday that Athens would not repay the IMF loan installment due Tuesday. The euro slumped nearly 0.8 percent against the greenback and traded at 1. 1144 U.S. dollar in late trading.

Greek Prime Minister Alexis Tsipras' office said later that Greek government proposed a two-year debt deal with the European Stability Mechanism in a last-minute bid to avert default and a possible Grexit.

The statement was issued hours before the ongoing Greek bailout was due to expire Tuesday at midnight amid increased concern over Greece's dire financial situation.

On the U.S. economic front, the New York-based research group Conference Board said Tuesday in its monthly survey that U.S. consumer confidence continued to go up in June. The Conference Board Consumer Confidence Index rose from 94.6 in May to 101.4 in June, well above market consensus of 97.4.

In late New York trading, the euro fell to 1.1144 U.S. dollars from 1.1248 dollars in the previous session, and the British pound slipped to 1.5731 dollars from 1.5736 dollars in the previous session. The Australian dollar went up to 0.7714 dollar from 0. 7703 dollar.

The U.S. dollar bought 122.33 Japanese yen, lower than 122.46 yen of the previous session. The U.S. dollar climbed to 0.9349 Swiss franc from 0.9264 Swiss franc, and it soared to 1.2494 Canadian dollars from 1.2370 Canadian dollars.

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