The single currency of the European Union is on the upswing, foreign-exchange strategists forecast.
Bloomberg reports a survey of 40-plus analysts between the middle of September and early October indicated strong beliefs in the monetary unit as regional officials tighten efforts to solve the sovereign debt crisis. The contagion of the debt scourge has wreaked havoc on regional banks and public finance systems, and the news service's survey indicated a median year-end estimate dropped from $1.43 to $1.35. Since that time, the euro's range has hovered around $1.34 to
$1.35.
"A plan takes some of the uncertainty away and that is positive for the euro," currency management head Pierre Lequeux in London with Aviva Investors told Bloomberg while the survey was administered. "I am a bull because I think that the market has been very anti-Europe over the last year."
The leaders of Germany and France are spearheading efforts to resolve the crisis and a meeting is scheduled for this Wednesday to follow-up the past weekend's summit.
Reuters reports regional officials are poised to finalize a deal that will draw down debt in Greece, fortify euro zone banks and enhance the European Financial Stability Facility.
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