15th Jun 2015 10:39
BRUSSELS (Alliance News) - The pound slipped against the other major currencies in European deals on Monday, as European stocks fell after Greece's talks with its creditors collapsed on Sunday, triggering fears of Greek exit from the Eurozone.
The European commission on Sunday warned that there remains a significant gap between the plans of the Greek authorities and the joint requirements of the commission, European Central Bank and IMF. Unless Greece reach deal by June 30, its timeline for the expiration of bailout program, it will lose EUR7.2 billion of outstanding bailout aid.
"The shadow of a Greek exit from the eurozone is becoming increasingly perceptible," Germany's Economy Minister and Vice-Chancellor, Sigmar Gabriel, wrote in Bild newspaper.
In economic news, data from property tracking website Rightmove showed that the average asking price for a house in the UK jumped 3.0% on month in June coming in at 294,351 pounds.
Prices had slipped 0.1% in May.
The pound showed mixed trading in the Asian session. While the pound declined against the yen and the greenback, it rose against the franc. Against the euro, it was steady.
In European trading, the pound reversed from an early high of 1.5568 against the greenback, edging down to 1.5496. The pound-greenback pair is likely to find support around the 1.53 mark.
The pound dropped to 191.45 against the yen and 1.4513 versus the Swiss franc, off early highs of 192.03 and 1.4423,respectively. Continuation of the pound's downtrend may lead it to support levels of around 188.00 against the yen and 1.40 against the franc. The pound ended Friday's trading at 192.05 against the yen and 1.4439 against the franc.
The pound pared gains to 0.7247 against the euro, after having advanced to 0.7202 at 2:00 am ET. The pound is poised to test support around the 0.73 zone. The pair was worth 0.7235 when it closed last week's deals.
Data from Eurostat showed that Eurozone trade surplus increased in April as exports expanded from March amid fall in imports.
The trade surplus rose to a seasonally adjusted EUR 24.3 billion from EUR 19.9 billion in March.
Looking ahead, US industrial production for May and US NAHB housing market index for June are slated for release in the New York session.
Copyright RTT News/dpa-AFX