Greek Debt Warnings Plunges the Euro

The euro seemed to have fallen against the US dollar this was the lowest it reached amongst two days of trading. This was largely because the Greek Prime Minister George Papandreou had given warnings saying that if the debt crisis that Greece was currently in got even worse then it would pull in a global meltdown n the financial front.

The euro had fallen to 1.3596 a few minutes after the European trading session began. This was the lowest the euro had reached since Friday’s trading where the pair had managed to consolidate at around 1.3608 and shed 0.19% .

It is said that trading pair would find the maximum resistance for today 9th February at 1.3839, and would also support that it had reached last Tuesday at 1.3434 which was the lowest it had reached in 9 months.
The Euro had also fallen weak against the yen, and the trading pair EUR/JPY slid down to 0.56% and reached a 122.44

On Monday Papandreou made an announcement saying that if the economic situation in the Greek country ‘metastasizes’ it “could create a new global financial crisis with implications as grave as the U.S originated crisis two years ago.” This news was reported by Bloomberg.

On Tuesday the Greek premier was scheduled to meet with the President of the U.S Barack Obama, the meeting was scheduled to be held in Washington.

On the other hand Tuesday was when France was to make known its trade balance. That would include details on the difference in values between the goods that were imported and exported.