Euro falls on vague promise to help Greece

BRUSSELS: The euro has fallen on currency markets after EU President Herman Van Rompuy announced a deal to help Greece but gave no sign of solid financial backing.

Having been trading up near the $1.38 level, the euro has slipped back towards the $1.37 mark.

Neil Mackinnon, global macro strategist at VTB Capital, said Van Rompuy's announcement Thursday will be seen as a "disappointment" and that the euro is "still in the doldrums" because Van Rompuy gave no firm offer of financial aid.

Van Rompuy said only that countries that use the euro are ready to take "coordinated measures" if necessary to help Greece stave off default.