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The euro rose against the dollar on speculation European finance ministers will settle their remaining differences over a Greek bailout when they meet later today.
The common currency also strengthened versus the yen and the British pound.
Euro-area finance ministers are set to meet in Brussels to seek agreement on a 130 billion-euro Greek bailout. Talks on Greece’s second aid package in two years will aim to reconcile demands made on Greek politicians, a debt swap among private creditors and the role of the European Central Bank.
European leaders including German Chancellor Angela Merkel want to wrest the common currency out of its crisis amid signs of improvement in the global economy. Focus has returned to Greece as the threat of economic collapse and exit from the euro has stoked officials’ concern such a scenario may provoke chaos. An agreement is crucial to fend off the region’s first sovereign default as Greece is due to pay off 14.5 billion euros of maturing debt on March 20.
The dollar dropped against most major peers on Chinese measures to sustain economic growth, damping demand for haven assets.
EUR/USD: the pair grown in $1,3260 area.
GBP/USD: during european session the pair was limited $1,5840-$ 1,5880.
USD/JPY: the pair decreased in Y79,50 area.
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