Tuesday saw the common currency of the European Union drive toward its 11-month peak against the U.S. dollar as optimism grew regarding the 17-nation region pushing past the sovereign debt crisis, Reuters reports.
The euro advanced as investor confidence grew as the monetary unit headed toward its top value since late February 2012. The finance minister of Belgium told a Monday evening conference that the euro zone appears to have turned the corner on the euro debt scourge after roughly three years of damaging tendencies.
“I am convinced that the signs of a turnaround are unmistakably there. There are good hopes,” Steven Vanackere told the European People’s Party on Monday evening in Brussels, according to Bloomberg. “Let’s not pretend that the crisis is over. The crisis still is dramatically real. And it’s about longer-than-ever queues of job seekers.”
The region is slated to release purchasing managers’ index data later this week, which is likely to impact the performance of the monetary unit.
Vanackere credited political leaders’ efforts and plans for increased financial integration as being helpful to the region, also noting support from the European Central Bank regarding efforts to minimize government borrowing expenses.
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