EU's Centeno to step down as Eurogroup President on July 13

Chairman of Eurozone finance ministers (Eurogroup) Mario Centeno announced on Tuesday that he will be stepping down from his position on July 13th.

Centeno further noted that he will inform eurozone ministers on Thursday of the decision not to seek a second mandate and open a new election process.

Market reaction

The Euro Stoxx 50 Index edged slightly lower after this announcement and was last seen losing 1.4% on the day at 3,320 points. Meanwhile, the EUR/USD pair was posting small daily gains at 1.1300.