Euro Gains Against Counterparts With Greece Hopes
European finance ministers have expressed great confidence that Greece will successfully complete the bond buyback in order to ease the debt crisis. Greece has already begun the repurchase of bonds, and the European governments are counting on this to cut the country's debt.
The euro reached a fresh 6-week high against the US dollar hitting 1.3124, against the pound with a rate of 0.8136 and also against the yen with the rate advancing to 107.88.
Later today we will be seeing figures from the euro zone retail sales data.
It's not just the euro that is benefiting from this new confidence. We have also seen today that the NZD/USD has strengthened, and the Aussie remained steady despite their lower-than-expected GDP figures with a rise of only 0.5%.
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