Euro currency spot traded lower by 1.4 percent (EURUSD) and 2.2 percent (EURINR) higher in the last week owing to mounting fears over Brexit negotiations and Greece’s debt deals. Greece and its international creditors are discussing on pointer like labor reforms, spending cuts and energy issues.
Adding to the chaos, the IMF has asked the debt-ridden nation to adopt strict labor reforms as a condition to join an £74billion (€86 billion) bailout program, so far funded only by Euro-zone creditors.
It is very important that both the parties move closer to clinching a deal before a meeting of euro zone finance ministers on 7th April 2017. Due to all the above factors, EURINR spot is expected to trade sideways owing to ongoing political uncertainty.
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