Investors are confident that the European Union’s policymakers won’t allow Greece to go default and as a result had pushed the common currency Euro to a 1-month peak against the U.S. Dollar as well as a 7-month high versus the Japanese Yen. E.U. finance ministers plan to meet later today, the third time in three weeks, to finesse the details which will permit the Troika to release the next installment of the bailout loan which will be used to repay debt payments next month. Both the German Chancellor Angela Merkel and the French Finance Minister Pierre Moscovici concurred that the policy makers are nearing an agreement.
As reported at 11:09 a.m. (JST) in Tokyo, the EUR/USD pair was higher at $1.2958, but coming off of Friday’s 1-month high of $1.2991. The EUR/JPY pair was trading at a high of 107.135 Japanese Yen on the EBS trading platform before giving back some gains and last trading at 106.6895 Yen. Some analysts caution that the Euro is likely to lose any momentum gained, however, as markets have already priced in the likelihood of the Greek bailout payment agreement. The U.S. Dollar Index, which gauges the greenback’s value against other major currencies including the Euro and Yen, held steady near 80.295 .DXY, close to the 3-week low of 80.128 .DXY hit on Friday.
Confidence in Greece Lifts Euro
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.