EUR/USD is now trading around 1.1350, down from above 1.14 earlier int he day. Earlier, there were reports about some can kicking deal – the pair jumped to 1.1436 before tumbling down.
The head of the Eurogroup, Dijesslbloem is addressing the press and says no progress has been made. He blames the Greeks and says that time is running out and that the ball remains in the Greek court.
He does say that they have shown flexibility but that there haven’t been any credible measures. We will later hear from Varoufakis.
Dijesselbloem says there is still time for a deal, but very little time remains. In recent weeks, various proposals have been made to Greece.
Also Moscovici is weighing in and also blames the Greek government ahead of the June 30th deadline for the end of the program and the IMF payment.
An EU Leader summit will take place on Monday but Moscovici states that they are ready to work day and night to reach an agreement.
The pair is paring the gains that it enjoyed in the second wave of USD selling that followed the dovish stance from the US Fed.
Euro/dollar is currently under the critical 1.1375 level.
