Saturday, 18 February 2012

FOREX-Euro Higher but Monday Euro Zone Meeting Ahead

The euro gained against the dollar and the yen on Friday on hopes for a rescue package for Greece but gains were capped before a key meeting on Monday with investors hesitant to make big bets before a long U.S. holiday weekend.

Greece edged closer to winning the 130-billion-euros rescue as officials said Germany was optimistic a deal could be struck despite misgivings that Athens would stick to commitments.
Euro zone finance ministers were due to vote on the package  on Monday, which in the United States is the Presidents Day market holiday. Given the stakes, however, some U.S. traders are expected to be at their desks that day. Traders said uncertainty could keep the euro rangebound until a rescue is finalized.

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