Euro Rebounds on Expectation of Forthcoming Aid for Greece

The euro rebounded today from its lowest level in a year, which it reached yesterday, on the reviving hopes that Greece will receive the joint EU-IMF rescue package soon as Germany may be persuaded to participate in the aid.

The representatives of the European Central Bank and the International Monetary Fund will discuss with the Germany’s government the bailout package. Previously the euro declined as Germany, which is required to grant the biggest individual loan to Greece, postponed its decision on the bailout, demanding the budget cuts from Greece.

EUR/USD traded at 1.3195 as of 14:30 GMT today up from the opening level of 1.3173. EUR/JPY jumped to 124.01 up from the opening rate of 122.85.

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