Euro (FXE) Rebounds On Renewed Optimism Over Greek Debt
June 02, 2011 5:23 PM
The Euro (EUR) recovered from recent lows against the US Dollar (USD) and other major currencies today after reports suggested that a new agreement is going to be achieved between European leaders over the Greek bail-out.
Recent events and talks of insufficient austerity measures by the Greek government and a possible default on its debt put the European single currency under another wave of pressure. Talks of a new three year adjustment of the aid package, combined with Greek government's own announcement that it is going to unveil a new set of austerities tomorrow, helped the Euro to rebound across the board.
The EUR/USD jumped from 1.4306 all the way to 1.4512, which represents a four week high. The pair retreated to below 1.45, however, and currently sits at 1.4480s.
The Euro moved significantly higher against the Japanese Yen (JPY) and the Swiss Franc (CHF) too, as the EUR/JPY jumped from 115.80s to 117.30 and the EUR/CHF rallied from the fresh all time low of 1.2050 all the way to 1.2225.
