EUR declined heavily against the U.S. Dollar, as investors reassessed the $1 trillion Greek aid package. Traders seemed skeptical of whether the plan would be able to achieve its main goal of stabilizing the Greek economy. Their concerns were reinforced by remarks from a senior IMF member, who said the plan may not be enough to fully revive the troubled country.
The EUR started the day higher against the U.S. Dollar, and without any negative news events, should stabilize during today's trading day. Although the long-term outlook for the Euro is still down, the currency could see a slight upward correction following the German and French preliminary GDP reports. Should the reports show a mild gain in GDP for either country, the Euro could see some gains against its major counterparts.