The Euro was bolstered against its peers as Finance Ministers from the European Union agreed that Greece has done enough to warrant receiving 3 billion Euros worth of aid.
The majority of the money will be released this month, with the final half billion Euros being provided in October.
Of course, these payments will only be made if the less-than-stable Greek government presses on with the spending cuts and economic reforms it has promised to deploy.
Following yesterday’s meeting in Brussels German Finance Minister Wolfgang Schaeuble asserted: ‘Greece is on the right track in many ways, but there have been delays in some areas. It is right to proceed on a cash-on-delivery basis and step by step and make the disbursements as Greece’s financing needs arise.’
Similarly, the EU Finance Minister’s involved in the age package discussion issued the following statement: ‘Significant further work is needed over the next weeks to fully implement all prior actions required for the next disbursement.’
The decision also prompted the Greek Finance Minister, Yannis Stournaras, to comment: ‘More would have always been better, but certain parliaments would have seen it as a change in the programme.’
The Euro strengthened against the Pound in response to the news and was also able to gain on the Yen.
The common currency’s advance against Sterling was aided as the European session progressed and the British weakened following the publication of worse-than-anticipated manufacturing and industrial production data for the UK.
Today the International Monetary Fund releases its global economic forecast, the report could inspire volatility in the currency market.
Euro (EUR) Exchange Rates
As of 11:00
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2873 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8648 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4051 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6375 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3575 <