Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
The euro was rising against the dollar on word that French banks will accept a debt rollover to help Greece. The proposal helped ease fears that Greece could default on its debt.
The plan is for the banks to reinvest their Greek debt holding into new 30-year bonds. It would give more funding and time for Greece to manage its debt.
UBS currency strategist Chris Walker said the euro began its rise against the dollar after French Finance Minister Christine Lagarde said a first draft of the deal was ready.
In afternoon trading Monday, the euro rose to $1.4263 from $1.4171 late Friday.
The Greek parliament is expected to vote Wednesday on austerity measures which must pass in order for the troubled country to get its next installment of funding from last year's 110 billion euro bailout package. Many economists expect the measures will pass, and Greece will avoid a default.
Meanwhile, the U.S. Commerce Department said Americans stopped spending more in May for the first time in a year. Consumer spending fell 0.1 percent last month as high gas prices and unemployment hit household budgets.
In other trading Monday, the British pound fell to $1.5966 from $1.5974 late Friday. The dollar rose to 80.92 Japanese yen from 80.52 Japanese yen. But the dollar fell to 98.67 Canadian cents from 98.80 Canadian cents and fell to 0.8366 Swiss franc from 0.8377 Swiss franc.