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Euro Advances After The EU Summit As Dollar Depreciates

The euro rose against the greenback as European Union leaders reached an agreement easing concern that banks will fail and pay optimism, they are closer to a solution in the area of ​​sovereign debt crisis.

The dollar fell against all major currencies this week after a two-day summit in Brussels, which brought down the government officials, the European Union requirement for the creditor in preference to the credit crunch and lenders Spanish. Increased higher-yielding currencies such as the Mexican peso and Brazilian real with stocks and commodities to increase the appetite for risk. European Central Bank will cut its benchmark lending rate when it meets next week.

Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto, said yesterday, "themes this week was on the summit of the European Union and the expectation that nothing of any substance will be about to be replaced - and then proved the address that it is not correct, commodities are rise. we're seeing influence on the currencies that is most closely associated with this type of market environment such as the Australian, New Zealand's and Canadian dollars "

The euro rose 0.8 percent this week to $ 1.2667, after touching $ 1.2407, its lowest level in three weeks, before the summit. And there has been little change to the common currency against the yen at 101.04. The Japanese currency rose 0.8 percent to 79.79 against the dollar after it reached its lowest level in two months on June 25.

Data of the Commodity Futures Trading Commission showed that futures traders added to bets the euro will fall against the dollar. The net shorts of the single currency to 159,880 contracts in the week ended June 26. Which compares with 214 418 Index decline of the euro on June 8.

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