With the likelihood of a bail-out for Ireland growing, fears that the struggling nation will fail to meet its dent obligations have subsided. This helped propel the euro to a second-straight day of advances over the dollar.
“For the most part it’s a classic risk-on move,” said Greg Anderson, a currency strategist at Citigroup Inc. in New York. “One of the keys of these packages, why they calm market fears, is they tie Europe together. The countries won’t exit.”
Source: Bloomberg