Source: ForexYard
Following positive news from the EU, the euro has stabilized significantly against the USD and the Japanese yen this afternoon. Private investors are reported to have agreed to swap 85% of Greek debt. This would allow for Greece to meet its debt obligations for now and provides a bit of breathing room for the debt-strapped country. This news reflects overall investor confidence and approval in the measures taken by Greece in order to restructure its debt and make the necessary budget cuts in order to get its economic house in order. As of this morning, the euro is running up against the greenback at $1.3216 and is trading against the yen at 108.10.
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