EUR/USD Drops Under 1.1150 as Greece Deal Remains Elusive

The euro fell broadly early on Monday after a weekend emergency summit billed as the ‘final meeting on Greece’ ended with no deal but just more deadlines, dealing a blow to investors who had hoped for some kind of resolution to Athens’ debt crisis.

The single currency initially slid as far as $1.10900, from around $1.11625 late on Friday. It gave up more than 1 percent to a low of 135.45 yen and sank to 1.0425 Swiss francs from 1.0480 francs late on Friday.

Yet the losses were soon pared and the euro last stood at $1.11260 and 136.350 yen. Aiding the euro were rumours the European Central Bank had agreed to delay a Greek repayment of 3.5 billion euros that had been due on July 20.