Bloomberg News

Euro Approaches 2-Week High Against Dollar Before EU Debt Talks

January 23, 2012

Jan. 23 (Bloomberg) -- The euro approached its strongest level in more than two weeks against the dollar before European officials meet to push ahead with plans to tackle the region’s debt crisis.

The 17-nation currency erased declines against the dollar and the yen as European stocks advanced. It earlier weakened on concern that Greece will struggle to reach an agreement with creditors to ease its debt burden.

“The negotiations are continuing to focus the mind of the market,” said Jeremy Stretch, head of currency strategy at Canadian Imperial Bank of Commerce in London. “It looks likely that a deal will be cobbled together today.”

The euro was less than 0.1 percent higher at $1.2940 at 8:32 a.m. London time, after erasing a 0.6 percent drop. It reached $1.2986 on Jan. 20, the highest level since Jan. 4. The euro was also little changed at 99.69 yen.

--Editors: Paul Dobson, Nicholas Reynolds

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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