The euro rose today as speculation that Greece is making progress in convincing creditors to reduce the nation’s debt improved market sentiment and eased pessimism about the euro.
Greece’s Prime Minister Lucas Papademos said that he made a headway in the debt-swap discussions and is “strongly committed” to reach an agreement. The European Union and the International Monetary Fund demanded more austerity measures from the country. Markets reacted positively to the news: the Stoxx Europe 600 Index added 0.6 percent and the Standard & Poorâs 500 Index went up 0.4 percent.
EUR/USD rose from 1.3142 to 1.3180 and EUR/JPY went up from 100.31 to 100.54 as of 10:17 GMT today.
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