The euro glided close to a three-week high Tuesday on new hopes Greece was close to securing new funding.
On Monday, Prime Minister Alexis Tsipras revamped his group of bailout negotiators, a move considered an endeavor to sideline his Finance Minister Yanis Varoufakis who failed to access €7.2 billion in bailout funds following three-months of talks.
The common currency last traded at $1.0877. Against the Japanese yen, the shared currency stood at ¥129.59.
Varoufakis’ strategies have been frustrating the European creditors. Appointing a more conventional negotiator has ignited optimism an agreement “will be reached before large payments are due in May,” said Ray Attrill, Global Co-Head of FX Strategy at National Australia Bank.
Greece and eurozone finance minister will meet on May 11, a day before the former needs to pay €700 million to the International Monetary Fund.
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