Re-negotiations for bailout terms and conditions for debt-riddled Greece helped drive up the value of the shared currency of the European Union against the world's reserve currency on Tuesday, Bloomberg reports.
A European Union official said representatives from the EU, the International Monetary Fund and the European Central Bank will meet in the Greek capital once the Aegean nation assembles a new government after Sunday's elections. The 17-nation monetary unit also climbed in value against the Japanese yen after Spain sold its maximum target of 12- and 18-month bills while yields on bonds gained.
"The euro may be confined to narrow ranges with the market wary of disappointment," senior currency strategist Jane Foley with Rabobank International in London told Bloomberg on Tuesday. "The market failed to follow through yesterday after the Greek election as it had already priced in a lot of good news."
The Bank of Spain said the nation's treasury sol 2.4 billion-euros-worth of 12-month bills and 639.3 million-euros-worth of 18-month debt.
Reuters reports conjecture about additional intervention to spur economies by the U.S. Federal Reserve and the Bank of England also benefited the value of the euro.
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