Market News

Following Thursday’s announcement that Greece has finally agreed to the necessary reforms which will allow it to proceed with a second bailout loan, the Euro continues to tenuously cling to recent gains.

After seven difficult hours of negotiations on Thursday, Greek leaders were unable to find a compromise through which they could sign a new bailout and austerity program to save the struggling nation.

The Euro continues to hold close to a 2-month peak with investors hopeful that the Greek government will finally agree to the conditional measures necessary to obtain the second bailout loan which would prevent a disorderly default.

The Euro continues to be pressured by events in Greece as politicians there postpone what is a critical decision on the second bailout offering that will affect the country’s economic future.

The Euro continues to be under pressure in Asian trade as the Greek government considers new terms and conditions to the second bailout loan, even as the deadline for their agreement looms.

In Asian trade, commodity-linked currencies fell on news that China’s non-manufacturing PMI slipped to 52.9 last month from December’s reading of 56.0 .

The Euro moved higher against the U.S. Dollar as risk appetite improved following a run of better than expected global PMI data.

The U.S. Dollar continues to be under significant pressure following last week’s commitment by the Federal Reserve Bank to hold interest rates at their current ultra low level through 2014.

The Euro appears to be approaching a key test level as news that the Greek government is close to clinching a deal with its private bondholders helped to boost the common currency.

After the strongest 1-week rally for the Euro in more than three months, the EUR eased back from a 6-week peak against the USD.

The Japanese Yen edged higher after a buying spree from exporters, but the rough patch may not be over.

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The Euro had earlier continued to grind higher against the U.S. Dollar, but is now taking a breather in Asian trading while hovering close to a 2-week high.