The EUR tumbled yesterday when the European Union published their conclusion regarding Greek's deficit. The data surprised investors who are concerned Greece may not have enough to pay its debts. Investors fear that Greece might need to activate the European Union bail out after all. The EUR/USD is currently at 1.3225, falling further during the Asian trading hours. It seems that stop orders which were activated, initiated further sales of the EUR.
The GBP/USD was also trading lower yesterday. The pound improved in recent week against the greenback supported by positive macro data, and despite the weakness of the EUR. The pound lost part of its gains yesterday, due to the sharp decline in the EUR, sending investors away from risky currencies.
The UK election coming in two weeks may add some volatility to the pair which is currently trading at 1.5344. Greek debts will also continue to weigh over the GBP/USD pair today and during next week.