European session: the euro fell after Greece’s biggest anti-bailout party defied overtures to join the government

The euro dropped  as a leadership vacuum in Greece prompted European officials to weigh prospects for the currency union’s first-ever departure of a member state.

The common currency slid after Greece’s biggest anti-bailout party defied overtures to join the government. The euro also weakened after euro-area industrial production unexpectedly declined in March.

Alexis Tsipras, who heads Greece’s anti-bailout Syriza party, won’t attend a meeting called by President Karolos Papoulias today, the Athens-based party said in a statement. Syriza rejected a unity government last week following inconclusive elections on May 6. Greece may face another vote unless leaders can agree on a new coalition.

The European Union’s statistics office said industrial production in the region contracted in March. Output slipped 0.3% from February, when it advanced 0.8%. Economists forecast a gain of 0.4%.

EUR/USD: the pair decreased, showed low in $1,2830 area.

GBP/USD: during European session the pair was limited $1,6050-$ 1,6085.

USD/JPY: the rate showed high in Y80,20 area. But later the pair fell, reached area of May 11 low Y79,70.