An uplifting sentiment about Greece being able to successfully navigate away from defaulting on financial obligations helped drive the value of the common currency of the European Union to its top value in two months against the U.S. dollar on Wednesday, according to Reuters.
Greek leaders are slated to meet Wednesday to discuss securing the equivalent of $172 billion in euros, which will be necessary after deep austerity cuts.
"There has been a propensity by the market in general to look at the Greek scenario with a glass-half-full approach, irrespective of the deadlines Greece has missed," senior currency analyst Jane Foley with Rabobank told the news service. "I think positioning has a significant part to play. Although shorts are off their record levels, they are still really extreme and people do not want to get caught in a rally."
The embattled monetary unit also climbed against the U.S. dollar in response to the European Central Bank stating it is amenable to trading Greek government bonds with the European Financial Stability Facility, according to The Wall Street Journal.
As the sovereign debt scourge tore through euro zone nations' banks, markets and public finance systems, regional leaders established the EFSF to aid those nations' recovery.
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