Euro touched the 1.3075 against the dollar before retreating back to the 1.2928 levels.If there is no convincing progress on economic reforms then there are chances that Greece would default and exit from euro currency zone.Officials have already warned that they would leave the euro zone if the second rescue package fails.

 

Chart source : Yahoo finance

Various important data stats are in waiting line like German retail sale figures,French consumer confidence survey,Italy’s unemployment figures for the third quarter, U.K.’s Purchasing Managers’ survey results along with Eurozone industrial new orders and producer prices.

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European Central Bank is expected to raise rates 25 basis points on Thursday.On monday European stocks posted small gains,this expected increase in rates had boosted single currency against the dollar.By 0800 GMT, the Stoxx Europe 600 index was up 0.1% at 280.34. London’s FTSE 100 gained 0.2% to 6019.97, Frankfurt’s DAX was up 0.2% at 7191.22 and Paris’s CAC-40 was flat at 4054.89.Euro’s gains had settled a touch and the currency was fetching $1.4221, from $1.4233 late Friday in New York, and Y119.58 against the yen, from Y119.51.

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