The Euro fell sharply against the US Dollar at 06:30GMT this morning after German newspaper Frankfurter Allgemeine Zeitung reported that it is now considered certain that the IMF will not pay its portion of its fifth tranche of aid to Greece that is due this month.
However, the IMF is only allowed to do so if the financing of the current programme is secured for 12 months. The troika apparently concludes that that is not the case.
The Euro plunged as much as 50 pips against the US Dollar from 1.4441 to 1.4392 within a minute. EURUSD soon recovered and moved back up to 1.4430 where it is currently hovering at.