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Forex - Euro lower after Greece debt talks end in disarray

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TurboForex - The euro was broadly lower on Monday after last ditch talks between Greece and its international creditors ended without an agreement on a cash-for-reforms deal on Sunday night.

EUR/USD was down 0.35% to 1.1222 from 1.1266 late Friday.

Talks in Brussels between Greece and European Union representatives failed to reach an agreement on pension reforms, budget targets and tax rates, adding to fears over a debt default that would threaten Greece’s future in the euro zone.

Europe wants Greece to make spending cuts worth €2 billion, to secure a deal that will unlock additional funds before its bailout expires at the end of June and it must repay €1.6 billion to the International Monetary Fund.

EU officials blamed the collapse in talks on Greece, saying it had failed to offer any new reforms to secure the funding it needs.

In a newspaper interview published on Monday Greece Finance Minister Yanis Varoufakis ruled out a Greek exit from the euro area, adding that debt restructuring was the only way forward.

Investors were looking ahead to a meeting of euro zone finance ministers on Thursday, which was being seen as Greece's last chance to strike a deal.

The single currency was also lower against the yen, with EUR/JPY slipping 0.16% to 138.73.

Meanwhile, the dollar was steady against the yen, with USD/JPY at 123.44.

Investors were looking ahead to the outcome of Wednesday’s monetary policy meeting and rate statement by the Federal Reserve for a clear signal on when it could start to raise interest rates.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% to 95.4.

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