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In US trade, the euro surged to a two-month high as investors once again bought into the idea that Greece was nearing a bond-swap deal with its private bondholders, paving the way for a new bailout package that would see it avoid default, at least for a little while longer.
Bulls and bears appear to be in an arm wrestle at the moment, with the bulls focussing on the improving prospects of the US economy, while the bears continue to worry about the fortunes of Greece and the broader eurozone region. With last night's headlines suggesting a Greek deal was close to hand the bears had little ammunition to play with and investors moved broadly into risk currencies.
Having ended yesterday’s Australian session around the 1.3105 mark, the euro pushed higher over the course of the US session hitting a high of 1.3270 before eventually settling at 1.3261. Upon reopening for Asian trade the euro is little changed, currently trading in the high-1.3250 range.
