Euro Higher on New Agreement for Greece
April 12, 2010 10:55 AM
With an aid package for Greece announced, but with details still not finished, the Euro rallied 200 points and then gave back half. It has rallied against every major currency. The dollar and yen are mixed with the US dollar index down .27 at 80.61. The euro rose as high as $1.3691, its highest since mid-March, before trimming gains. It was up 0.6 percent on the day at $1.3576 in early trade, closer to the session low of $1.3565 than the session peak.
The euro earlier rose more than 1 percent to 127.45 yen before surrendering some of those gains. It last traded at 126.73 yen, up 0.8 percent on the day.
In the plan, the ministers approved a 30 billion euro ($40.5 billion) aid package of loans, which Greece could tap if needed, with at least 10 billion euros also expected from the International Monetary Fund. Greece would pay an interest rate of around 5% for a three-year loan program, well below the interest rate of more than 7% on Greek sovereign debt last week.
