EUR/USD Down to 1.1150 on Greece

The U.S. dollar rose against the euro on Monday on renewed worries over a Greek exit from the eurozone, while the New Zealand dollar hit more than seven-week lows against the greenback on speculation the country’s central bank could cut rates.

Greece, which must repay a 750 million euro loan to the International Monetary Fund on Tuesday, faces the risk of default and being forced out of the eurozone. Eurozone finance ministers meet on Monday to discuss a cash-for-reforms deal for Athens.

“The market’s focus was distracted away from Greece last week with the UK elections and the (U.S.) payroll data,” said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago. “The second that was out of the way, (investors) jumped on it.”