EUR/USD Rallies Above 1.1050 on Greece Progress

The euro firmed early on Friday, while the safe-haven yen slipped on signs that cash-strapped Greece was making some progress in its efforts to secure fresh funding.

The common currency climbed 0.6 percent against the yen to 134.600 and put on 0.2 percent to $1.10575 as Athens took a step forward by sending a package of reform proposals to its euro zone creditors.

“Whether it needs to score 10/10, or 8/10 to be followed by more to-ing and fro-ing on Friday morning, remains to be seen,” said Ray Attrill, global co-head of FX strategy at National Australia Bank.