On Monday the euro slipped lower as concerns over the lack of an
agreement on economic reforms for bailout funds between Greece and its
creditors weighed.
EUR/USD dipped 0.10% to 1.0801, easing from Friday’s one-week highs of 1.0848.
Greece is no closer to agreeing with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that Greece could be forced out of the euro zone.
In the meantime, at a news conference on Saturday during meetings of the International Monetary Fund, Mario Draghi, chief of the European Central Bank that said he stood by a comment he made in August 2012 that the euro “cannot be reversed.”
Draghi said at the time that “there is no going back to the lira or the drachma or to any other currency. It is pointless to bet against the euro. It is pointless to go short on the euro,” as MarketWatch reports.
The euro was also lower against the yen, with EUR/JPY slipping 0.19% to 128.17.
The greenback was broadly weaker after a recent run of soft economic data saw investors push back expectations for higher U.S. interest rates.
The US currency was barely impacted by data released Friday showing that U.S. consumer prices were higher for a second successive month in March.
The consumer price index edged up 0.2% last month, matching a similar gain in February. On a year-over-year basis, consumer prices dipped 0.1% in March after remaining flat in February. Core consumer prices, which exclude food and energy costs increased 0.2% in March for an annual increase of 1.8%, the largest since October.
