Euro Rises on Hopes for ECB and EU Leaders to Support Currency

The euro rose to the weekly high level today against the U.S. dollar and gained versus the Japanese yen on the expectations for the European Central Bank to intervene in order to support the common European currency.
The meeting of the European financial ministers and Herman Van Rompuy, the President of the European Council, is held today in Brussels to discuss the reforms of the governance, which may lead to implementations of the severe measures to the countries whose economies are lagging behind the EU requirements. The Germany’s share in the EU rescue package was approved today by the country’s lawmakers.
The speculators, who bet on the euro’s decline, are beginning to buy the currency back as it’s growing stronger. This may bring some relief to the shared European currency, yet to say that the hard times for the euro is over one must be overly optimistic, to say the least.
EUR/USD rose to about 1.2571 today as of 16:12 GMT after it opened at 1.2486. EUR/JPY reached 113.27 after opening at 111.98.

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