Euro currency traded higher by 0.8 percent yesterday as weak US Dollar Index boosted the demand for the shared currency. Moreover, increased money supply in the Euro area further acted as a positive factor.
In the last week, the debt-ridden nation i.e. Greece had raised significant concerns regarding the country’s bailout commitments among its creditors with plans to pay out a Christmas bonus for pensioners and keep lower value added tax on some islands.
This did not go down well with the international creditors who decided to suspend a short-term debt relief deal for Athens, which would reduce its public debt by 20 percentage points of GDP by 2060. However, now the Euro-zone finance ministers have agreed to unblock the now suspended short-term debt relief measures for Greece in January’17 after Athens reassured Euro-zone lenders it would honor its bailout commitments.
The Euro currency is expected to trade lower as lack of important economic datasets from the nation will keep the trading volumes light. However, the Euro-zone finance ministers have agreed to unblock the previously suspended short-term debt relief measures for Greece in January’17 which will boost the markets sentiments.
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