Euro Gains as Greek Debt Concerns Ease

The euro gained this morning after the head of the European Central Bank said the bank may support the idea of encouraging holders of Greek debt to exchange maturing bonds for new debt securities.

“The economic data of late from the U.S. has clearly shown that the soft patch continues, with a risk that the slowdown is deepening,” Derek Halpenny, European head of currency research at Bank of Tokyo-Mitsubishi UFJ Ltd. in London, wrote in a note. “The balance of data surprises clearly indicates that there has been ample reason for bad news to be now fully priced.”

Source: Bloomberg

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