Monday, June 1, 2015

Euro tumbled on Greece missed the deadline,along with weaker factory growth within a bloc.

Euro zone factory growth was weaker than previously thought last month as the bloc's core countries continued to struggle as prices deteriorated. Markit's final May manufacturing PMI was 52.2, below a preliminary flash reading of 52.3 but just ahead of April's 52.0. "The rate of growth is modest rather than spectacular, Meanwhile The euro tumbled today after Greece missed a self-imposed Sunday deadline for reaching an agreement with its lenders to unlock aid, keeping alive fears of a debt default and exit from the euro zone. The chances for a deal aren't looking any better after Alexis Tsipras' comments on Sunday. Yesterday, the prime minister accused bailout monitors of making "absurd" demands and seeking to impose "harsh punishment" on Athens. Greece is due to repay a €300M loan to the IMF on Friday and three additional payments, totalling about €1.25B, later in June. The euro is -0.7% to $1.0911.

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