Euro Rises on Fed Language Despite Greek Crisis

The euro has climbed 4 percent against the dollar this month – a move that might be viewed as out of kilter with events in the euro area, where Greece looks to be lurching ever closer to a debt default.

While the euro’s rise to a one-month peak versus the dollar on Thursday is linked to dollar weakness after this week’s dovish Federal Reserve statement, analysts said it’s hard to deny that the euro is proving resilient in the face of a Greek crisis.

“Euro/dollar has been going up since mid-March. That basically tells you that the market is taking the view that Greece is not that relevant for the euro,” Vasileios Gkionakis, head of global currency strategy at Unicredit, told CNBC’s “Squawk Box Europe” on Thursday.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza