Euro strengthens as Greek drama continues

The euro strengthened Wednesday despite reports Greece’s creditors had rejected negotiators’ latest reform proposal, sparking a selloff in Greek bonds and European equities.

The euro EURUSD, +0.0268%  traded at $1.1203, up 0.3% from $1.1170 late Tuesday in New York.

Earlier in the week, investors — optimistic a deal to unlock a €7.2 billion ($8.64 billion) tranche of bailout funds would soon be reached — pushed eurozone assets higher. But both markets nosedived after Greek Prime Minister Alexis Tsipras said his latest proposal, which included key concession on pensions cuts and corporate taxes, had been rejected.

According to media reports, while Greek negotiators have rejected the latest proposal from creditors, talks will continue. Eurozone finance ministers, led by Dutch Finance Minister Jeroen Dijsselbloem, said talks will resume on Thursday.

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