Euro climbs against dollar amid optimism for Copenhagen meeting

Posted On: March 30, 2012
The value of the shared currency of the European Union gained against the world's reserve currency on Friday amid anticipation for an augmented security fund when European finance ministers convene in Copenhagen, according to Bloomberg.

The euro was hurtling toward an 11-year peak against the Japanese yen as the two-day summit kicks off. The ministers are expected to boost the fund by 800 billion euros, German finance minister Wolfgang Schaeuble told reporters.

"Short positions on the euro are being pared back," chief strategist Michael Derks with FXPro Financial Services in London told Bloomberg. "The prospect of today's meeting has given the euro a bit of a boost and has helped the tone over the past few days."

Thus far this year, the value of the euro has gained 0.3 percent, which achieves the embattled monetary unit's first quarterly increase in 12 months. The monetary unit had been challenged by the sovereign debt crisis, which has been attacking regional banks, markets and public finance systems for more than two years.

Dow Jones Newswires reports the ministers were set to agree on a pact that would merge loans within the realm of a temporary bailout measure that the ministers are aiming to make more permanent.

Category: Industry News

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