Euro Gains as European Partners Decide to Finalize the Bailout Package for Greece by Next Week

The euro gained on Friday in reaction to the news that Greece’s European partners will finalize a deal for the second bailout package by the next week.

Director of currency research, Boris Schlossberg from GFT commented, “The euro rose as markets became convinced that the ongoing negotiations for the Greek bailout will finally conclude next Monday.”

The euro gained to 1.3163 against the US dollar on Friday as compared to 1.3141 on Thrusday’s North American trading session.

The dollar index DXY which measures the US dollar’s performance against its six major rival currencies fell to 79.286 on Friday as compared to 79.333 on Thursday’s late trading hours.

Among other currencies, the British Pound gained to 1.5830 against the US dollar on Friday as compared to 1.5804 on late Thursday. The Pound Sterling gained after the Britain’s National Statistics Office reported a surprise surge of 0.9 percent in retail sales data for the month of January.

Contrary to other currencies, the Japanese yen declined versus the US dollar as the Bank of Japan’s Governor Masaaki Shirakawa indicated that the central bank will keep moving in direction of monetary policy easing.

The greenback gained to 79.30 on Friday as compared to 78.85 on Thursday’s late trading hours.

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