By: Barbara Zigah
In Asian trading this morning, the single currency Euro drifted sideways versus most major currencies following the news of a nearly €45 billion Greek bailout plan offered by Euro-zone nations yesterday. The plan would be comprised primarily of low interest rate loans from other E.U. nations, with some contribution from the International Monetary Funds. Last week, the Euro closed against the U.S. Dollar at $1.3498; as reported at 8:30 a.m. (JST) in Tokyo trading, the Euro rose 1.3% and struck a new 3-week peak at $1.3678.
Versus the Japanese Yen, the Euro struck a new 6-week peak, trading at 127.30 Yen; an increase of 1.2% from last Friday’s close. Only a week ago, the Euro had been trading at a 2-week trough of 123.46 Yen. Since the announcement last week by Jean-Claude Trichet, the President of the European Central Bank, that Euro-zone economies should see moderate expansion in 2010, the Euro has risen nearly 3%.
The common currency Euro also rose more than 1.1% against the Australian Dollar, striking a new 6-day peak when it hit A$1.4630. The Euro also fared well versus the New Zealand Dollar; again, striking a new 6-day high when it traded at NZ$1.9080.
Euro Gains against Major Currencies on Confirmed Greek Bailout Plan
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.