Euro shrugs off Merkel’s dovish comments
”Too strong” euro made the mission of adopting reforms more difficult by Europe’s periphery nations, including Spain and Portugal, Merkel said.
It is rarely to hear Merkel talking about the currency, but the euro ignored the comments to rise to 1.1266 versus the U.S. dollar after hitting a bottom of 1.1149.
The single currency is set for its second weekly gain despite concerns from Greece, buoyed by a rise in European debt yields this week.
Greece will reach a deal with its creditors by June 18 with the euro-area finance ministers meeting, a Greek official said.
The official said Athens sent a new plan that included debt restructuring and low budget surplus.
In addition, Prime Minister Alexis Tsipras spoke with European Commission President Jean-Claude Juncker about the coming steps of negotiations.
The euro dropped on Thursday after the IMF said it exited negotiations with Greece, causing a panic in markets that Greece would face default at the end of this month when a debt payment of 16 billion euros matures.