EUR bid tone persists. IMF/Greek headlines behind?

FXStreet (Bali) - One of the reasons market sources are attributing the recent bid tone by the Euro is, as Dow Jones reports, that "the IMF offered Greece three more weeks to repay the EUR1.6 billion it owes to the fund until the end of next month."

The news should be a short term positive input for the Euro, as it diminishes the risk of a Greek default by June 5th, when the country was due to pay an initial 300 million euros tranche. EUR/USD is last at 1.0955, having posted its highest of the session at 1.0970.