Euro Falls Below $1.12 On Reports Greek Reform Proposal Rejected

The euro fell Wednesday following reports Greece's creditors have rejected a proposal from Athens for economic reforms. The euro dropped to $1.1193 after hitting an intraday high of $1.1236. In a post on Tsipras's official Twitter account, the prime minister said of Greece's creditors that they "[e]ither they don't want a deal or they are serving specific interests in Greece." Investors will look later Wednesday for the final revision to U.S. gross domestic product for the first quarter. If the data come in better than expected, "market expectations of September rate hike are likely to rise pushing USD/JPY higher and EUR/USD lower irrespective of Greece," said Boris Schlossberg, managing director of FX strategy, at BK Asset Management, in a note.