23rd January 2012
The possibility that a new deal to tackle the ongoing debt crisis in Greece could be announced over the coming days has led to a rise in forex trading for the European single currency.
Trading has improved this afternoon (January 23rd) with growing optimism that the country will be able to take part in a debt swap programme to reduce its economic fragility, Reuters reports.
EU investors and the International Monetary Fund could stump up the majority of any debt deal, but the rumours are having a positive impact on the currency's position nonetheless.
"The likelihood is that the (Greek debt) talks will converge somewhere where a deal is still voluntary," said Ankita Dudani, currency strategist at RBS.
Last week, the news provider also reported fears over the Greek economy led to a cap on euro trading at $1.2880. However, against the Japanese yen, the euro rose to a peak of 98.66 on Thursday.
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