EUR/USD Rallies to Near 1.10 as Greece Makes Bailout Move

The euro strengthened on Thursday, briefly rising above $1.10 for the first time in a week, as the Greek parliament approved a second set of reforms required to start negotiations with lenders in a bid to avert bankruptcy.

The greenback stalled against other major currencies despite expectations that the U.S. Federal Reserve would raise interest rates by year end.

Of Athens’ latest move toward a bailout, “it’s perceived as a positive for the euro. Greece might even be perceived as taking the initiative to revive talks with creditors,” Paul Christopher, chief international strategist at Wells Fargo Advisors in St. Louis.