1Finance

The EUR/USD soared for several days adding almost 300 points to trade above the 1.13 level to reverse course Friday and fall 125 points to end the week at 1.1114. The euro had to deal with the Greek situation which is now hitting its pinnacle as Greece did not make the June 5th payment and asked the IMF to combine all the June payments to pay at the end of the month. The ECB supported the currency and Mario Draghi sent the euro soaring at his monthly press conference. Friday’s NFP printed above the expectations helping the dollar to gain.

The dollar got a lift on Friday as official data showed US businesses accelerated hiring and raised wages at a faster pace last month in a fresh sign the country’s economy is rebounding from the winter stall.

In a report that gives the Federal Reserve more reason to move toward an interest rate hike in the coming months, the Labor Department said Friday that the economy pumped out 280,000 jobs in May, far more than expected and well above the past year’s pace of 251,000 a month.

Meanwhile, the euro was down over 1 percent against the U.S. dollar as Greek debt crisis intensified.

Athens failed to repay a 300 million euros (333 million U.S. dollars) loan installment to the International Monetary Fund (IMF) Friday. On Thursday, the central bank of Greece formally requested the IMF to “bundle” its four payments due to the IMF this month amounting to approximately 1.5 billion euros (about 1.67 billion U. S. dollars) into one.


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