Forex News Asia: Germany rejects speculation over Greece’s abandonment of Eurozone

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Forex News Asia: Germany rejects speculation over Greece’s abandonment of EurozoneSpeculation over whether Greece was to return back to the Greek Drachma was shunned on Sunday after Germany’s economic minister, Mr. Rainer Bruederle, said that such a move would only add to the weakening of Europe, at such a time when it needs to be strengthened. In a meeting of the Free Democrats in Berlin, Mr. Bruederle said that “I am not for that (Greece abandonment of the Euro)…Our goal instead must be to strengthen Europe”.

 

The Euro opened up today’s first session slightly higher than last Friday’s US session close at 1.4359, as it traded steadily around the 1.4380 levels in the early part of the Asian session. The EURUSD has taken a slight pause from the recent steep drop it had experienced, in which the single currency depreciated by over 5.5 cents against the Dollar in the space of 2 days – a drop signifying a loss of over 3.7% – after speculations of Greece dropping the Euro as it currency surfaced.