Euro Ends Best Streak in a Year as Greece Orders Funds Movement
This article is for subscribers only.
The euro declined, ending a four-day rally against the dollar, as European leaders wrangled with a defiant Greece about how to avoid a default and secure financing.
The single currency dropped versus most of its major peers as Greek Prime Minister Alexis Tsipras ordered local governments to move their funds to the central bank based on needs for cash for salaries, pensions and a repayment to the International Monetary Fund. Federal Reserve Bank of New York President William C. Dudley said he is relatively optimistic that a rebound in U.S. growth will support a decision to raise interest rates later this year, backing demand for the U.S. currency.