Positive greek news sends EUR/USD to five-week high
- Last Updated on 09 February 2012
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News that Greece is closer to concluding an agreement with its creditors on a debt swap deal helped send the euro higher against most of its main currency rivals during yesterday's trading. The EUR/USD peaked at 1.3175 during European trading, a five-week high. The euro was also helped by news which led investors to believe that the US economic recovery was not proceeding as quickly as once thought.
Whether the euro will be able to maintain its bullish trend to close out the week will likely be determined by several economic indicators set to be released today. Traders will want to pay close attention to the US Advance GDP figure, set to be released at 13:30 GMT. Should the indicator come in below expectations, the euro may see a boost as a result. Furthermore, any positive news regarding Greece is likely to help the common currency ahead of markets closing for the weekend.