The euro gained this week, posting the second consecutive weekly rally and rising to the highest level since April against the Japanese yen. The currency was firm even as Greece failed to convince other eurozone members that it should get another round of a bailout.
Traders were hoping that the meetings of European lawmakers would result in the next portion of aid for Greece, but that did not come to pass. Yet for some reason market participants remained hopeful and retained their positive view on the euro. Good fundamental data from the United States and China added to the optimism.
The euro managed to post gains against the dollar and the yen every single day of this week. Against the pound, the performance was less straightforward as there was a small correction in the middle of the week, but that did not affect the weekly rally too much.
EUR/USD jumped from 1.2746 to 1.2975 this week. EUR/JPY climbed from 103.69 to 106.95 — the highest rate since April 27. EUR/GBP rallied from 0.8022 to 0.8090 (the highest closing price since October 24).
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