The euro extended gains Tuesday as traders believe Greece is inching closer to sealing an €86 billion ($94 billion) bailout deal with its international creditors.
Greece and its lenders sought to put final touches to a bailout agreement to keep the former financially afloat and give a €3.4 billion debt repayment to the European Central Bank on August 20.
Against the US dollar, the common currency closed at $1.1041, on course for fourth consecutive gains.
Prospects of the Greek bailout accord are bolstering the currency. However, these are developments on talks between Greece and its creditors, “and dollar-side factors are likely to determine the direction of the pair in the longer run,” said Shinichiro Kadota, Chief Japan FX Strategist at Barclays.
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