Posted On: June 19, 2012
The value of the common currency of the European Union rose against the U.S. dollar on Tuesday as a consequence of an official with the European Union stating leaders will embark on crafting the best strategy to re-negotiate bailout conditions for debt-hobbled Greece, according to
The euro also recovered against the Japanese yen in response to Spain achieving its maximum target of 12- and 18-months bills as bond yields increased. After Greek leaders form a government, representatives from the EU, the International Monetary Fund and the European Central Bank will convene in Athens.
"Hope that something could be done means the euro continues to find some support," senior currency strategist Jane Foley with Rabobank International in London told Bloomberg regarding the Aegean nation.
The Treasury of Spain sold 2.4 billion-euros-worth of 12-month bills and 639.3 million-euros-worth of 18-month debt, according to the Bank of Spain.
Also pushing up the value of the euro on Tuesday was speculation that the U.S. Federal Reserve and the Bank of England could embark on additional economy-spurring measures, according to
Category: Industry News
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