The greenback advanced against the euro on Friday amid disappointing news developing in Brussels where leaders of the European Union are in the second of two days of a summit devoted to staving off damaging tendencies of the debt scourge, MarketWatch reports.
The U.S. dollar climbed in value as leaders of the 27 member nations arrived at agreement on a pact for fiscal discipline. However, they have been unable to make significant progress with adjustments to fiscal issues with the treaty.
"People are starting to realize that what has been announced has already been relatively well-known," foreign-exchange strategist Charles St-Arnaud with Nomura Holdings in New York told Bloomberg. "The issue that we have is that every single country in the euro zone has to approve the rules and you're already starting to hear countries not keen to lose sovereignty like that."
Rugged negotiations are forecast for summit attendees to work on the sovereign debt crisis and prevent its damage from continuing.
Should decision-making changes be introduced, Finland indicated it just might pull its stake from the permanent bailout fund.
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