Session Recap: Euro tumbles as EU-Greece talks break down

FXStreet (Córdoba) - The euro slumped across the board after Greek debt talks broke down after a 4-hour meeting in Brussels as Greece called the Eurogroup proposal “absurd” and “inacceptable”.

EUR/USD fell more than 100 pips and bottomed out at 1.1319 after Eurogroup-Greece negotiations reached a deadlock this afternoon. Eurogroup President said in a subsequent conference that is up to Greece authorities to decide whether they want an extension.

The euro recovered from lows and reached the 1.1360 area versus the dollar after Greece FinMin Varoufakis said he was confident an agreement will be reached although he assured it will take more than “cosmetic changes” to the rescue terms.

GBP/USD was also on the defensive after being rejected from a 7-week high of 1.5440 and lost a full cent to a low of 1.5338 in recent dealings.

Elsewhere, majors were little changed as US markets remained closed for the Presidents Day holiday.

Main Headlines in America:

Under these circumstances, there cannot be a deal today - Greek official

Eurogroup meeting put on hold after Greece says draft “unacceptable”

DXY in session highs around 94.50

USD/JPY hits fresh lows amid Eurogroup headlines

Gold hovering over $1,230/oz
Up to Greek authorities to decide if they want an extension - Dijsselbloem

EUR/USD decline halted at 1.1320

Greek Finance Minister: No doubt a deal will be reached