The euro stabilized on Wednesday following its five-week low as the latest meeting of European leaders concluded with a tinge of hope for Greece.
Hopes to close an agreement were initially dashed following new Finance Minister Euclid Tsakalotos presented no new proposals and left EU leaders with nothing concrete to discuss at Tuesday’s special meeting.
Against the US dollar and the Japanese yen, the common currency last stood at $1.1013 from Tuesday’s $1.0916, and ¥134.905 from ¥133.520.
Price action implies scope for additional short-covering “if markets begin to anticipate a deal,” said analysts at BNP Paribas.
Earlier, Greece was given until Sunday to show new economic reforms in exchange for bailout funds.
The material has been provided by InstaForex Company – www.instaforex.com