Euro rises versus dollar ahead of EU summit

The euro rose from a 10-month low against the U.S. dollar on Thursday as investors bet a meeting of European leaders to discuss solutions for heavily indebted Greece could lead to a potential aid package.

The euro's advance followed a sharp drop in Asian trading hours, when it sank below $1.33 as investors took profits on short positions.

Diplomatic efforts before the start of the European Union summit failed to bridge differences over whether to offer a safety net to Greece, with France and Germany discussing what role the International Monetary Fund might play.

Still, Jean-Claude Juncker, the chairman of the finance ministers of the euro zone, said after preparatory talks among conservative leaders, including German Chancellor Angela Merkel, that he was more confident than before of reaching a deal on Greece by Thursday night.

Read Full Article from Reuters

- Posted: 2010-03-25 12:29:16

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