Euro Erases Previous Gains on More Greece Details

The euro has been seeing some solid gains in forex trading on the currency market earlier, but the story changed as more details about the Greece rescue came to light.

Fitch, the ratings industry, said that the Greek plan amounted to a restricted default. This news has resulted in the euro losing its former gains, with the U.S. dollar rising in currency trading.

Leaders in the euro zone are insisting that they plan to contain the sovereign debt contagion, and that should help limit the losses by the euro — especially if the U.S. Congress continues to have problems solving the debt ceiling problem. 

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