Greek Economic Crisis Drives US Dollar Up

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  • telegraph.co.uk

    telegraph.co.uk

    TEMPO.CO, Jakarta - Speculation on the Greek debt crisis has bolstered the Greenback against regional currencies. Despite continuous pressure from weakening economic data, US Dollar has managed to gain advantage over the weakening Euro in relation to the crisis occurring in Greece.

    Meanwhile, on Monday, May 18, 2015, trading session, the Rupiah slides down to a level of 12,112 per US Dollar (28 points, or 0.21 percent lower). Similarly, the Japanese Yen also experienced depreciation to a level of 119.62 per US Dollar (0.3 percent lower). On the other hand, the Korean Won, managed to gain 0.04 percent and currently sits on a level of 1,085.18 per US Dollar.

    Rangga Cipta, an economist from Samuel Sekuritas said that the lack of positive economic data from the United States will cause further weakening trend for US Dollar. However, market players' concern over Greece's ability to pay its debts to the IMF (International Monetary Fund) has caused investors to turn their eyes on US Dollar for the meantime.

    Recently, a British broadcasting channel, Channel 4, leaked an IMF internal memo that stated that Greece is currently incapable of paying its debts. The news raises investors' concern over the country's financial condition.

    MEGEL JEKSON