EUR/USD Rallies to 1.11 on Greece

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 EURJPY=R and put on 0.2 percent to $1.10575 EUR= 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.  Indeed, traders said the euro’s inability to sustain levels above $1.11 was a clear signal that euro bulls were none too excited just yet. The common currency peaked at $1.11250 overnight.

Also helping risk sentiment were tentative signs Chinese equities could be stabilizing after a big rally on Thursday.  The safe-haven yen duly retreated, allowing the greenback to climb back above 121.500 yen JPY=, from a seven-week low of 120.410 set mid-week.

Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.