Monday saw the common currency of the European Union climb to its six-week high against the world's reserve currency amid China showing signs of growth and Europe indicating minimized contractions, Reuters reports.
But the ongoing negotiations in the U.S. regarding the fiscal cliff tempered the monetary unit's gains. Greece, the two-time recipient of international bailout aid, said it is open to the possibility to purchase bonds through a Dutch auction process.
"As long as we see a successful buyback, then it will close this mini-chapter for Greece," senior economist Sarah Hewin with Standard Chartered Bank told Reuters on Monday. "It will allow the release of the next bailout tranche, it will keep the IMF involved, which is key, and it will inject some funding into an economy which is crying out for it."
Official and private sector surveys released by China indicate its manufacturing sector saw increased activity in November. Also benefiting the euro was economic data stating Great Britain manufacturing shrank less than forecast in November though new orders fell in number.
Angela Merkel, chancellor of Germany, said the nation might be willing to accept a Greek debt-write-off as Greece waits for more international aid to be released this week, Bloomberg reports.
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