Euro is moving a little bit higher today, gaining ground against the US dollar, even as concerns about the situation in Greece continue to take center stage. Even with the delay, though, the euro is eking out gains as expectations that greater efforts will be made in the future.
Tuesday was supposed to have brought a deal to provide more aid to Greece, but the day came to a close with the International Monetary Fund reluctant to continue lending money, and European Union officials unable to agree on how to create a more sustainable situation for Greece.
The news initially sent the euro down against its major counterparts. However, since then things have changed. Angela Merkel said that there were the beginnings of a possible agreement that might be announced next week, and many Forex traders think that yesterday’s failure may prompt greater efforts at a deal.
As a result, euro is inching higher, supported in part by a touch of risk appetite, as well as by concerns regarding the fiscal cliff in the United States.
At 15:28 GMT EUR/USD is up to 1.2821 from the open at 1.2818. EUR/GBP is also higher, rising to 0.8050 from the open at 0.8048. EUR/JPY is up to 105.5655 from the open at 104.7050.
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