The euro posts gains this week even though it’s unclear whether Greece would receive the next portion of the planned â¬130 billion bailout. The future of the euro remains uncertain as a good outcome of the Greek story is in no way guaranteed.
Sentiment about the situation in Greece was changing for the whole week, but it hasn’t deterred the euro from rising. It looked like the week would end on a positive note, but the bailout of Greece was unexpectedly withheld, shattering any optimism that Forex traders had. The uncertainty about the future of Greece and the whole eurozone will likely weigh down on the euro, but, as was demonstrated this week, everything may change any moment.
The euro was rallying virtually for the whole week, but dropped sharply on Friday. The shared 17-nation currency posted a strong advance against the yen that started in the previous week. The currency stalled against the pound near the resistance level that was tested in the end of December and then in the end of January.
EUR/USD rose from 1.3114 to close at 1.3197 this week, while the weekly high was 1.3321 and the low was 1.3027. EUR/JPY climbed from 100.46 to 102.42, reaching the weekly maximum of 103.28. EUR/GBP opened at 0.8292 and closed at 0.8373.
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