Euro zone debt deal hopes push euro higher

The euro recovered from early losses and rose against the U.S. dollar on Thursday as hopes a Greek bond swap deal could be within reach boosted investor sentiment and risk tolerance.

National central banks within the euro zone are set to exchange their holdings of Greek bonds into new bonds in the run up to a private sector debt deal to avoid any forced losses, euro zone sources said on Thursday. The swap is to happen over the weekend.

If a deal for a Greek debt swap is completed by Monday and followed by details of a second bailout, the euro could push back above $1.33, said Kathy Lien, director of research at GFT Forex in Jersey City.

Read Full Article from Reuters

- Posted: 2012-02-16 14:40:23

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