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Greek bailout hopes help euro against USD and yen

9th February 2012

Hopes that the Greek government is edging ever closer to an agreement on the latest European Central Bank bailout deal and its increased austerity package have served to boost the euro against major currencies this morning (February 9th).

As of 09:28 GMT, the euro had moved above a two-month high against both the US dollar (USD) and Japanese yen in forex trading, gaining an impressive 0.3 per cent over USD from the opening of the session.

"Short-term optimism played out and the euro went above $1.33 on the view that there would be a deal sooner rather than later," Jeremy Stretch, currency strategist at CIBC, told Reuters.

"I suspect this risk rally may have a little further to run."

Earlier this week, investors saw a similar rise for sterling on the back of renewed hopes that the eurozone crisis could be coming to a conclusion.

Indeed, sterling moved to a three-month high against USD yesterday after gaining 0.1 per cent in afternoon trading.

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