This week was the best for the euro in 2011 as Greece accepted austerity required to get the bailout, spurring the shared 17-nation currency and allowing it to erase losses that the currency experienced during June.
Prime Minister George Papandreou convinced the Greek Parliament to pass bills to implement budget cuts and asset sales needed to receive the â¬78 billion rescue package. A total of 155 lawmakers from the 300-strong chamber voted for the austerity measures. The euro is also supported by the forecast that the European Central Bank will raise its main interest rate from 1.25 percent to 1.50 percent on July 7.
The euro advanced 3 percent so far this year versus nine currencies of the developed nations, according to the Bloomberg
EUR/USD climbed from 1.4191 to 1.4524 this week after posting the weekly low of 1.4101. EUR/JPY advanced from 113.99 to 117.39. EUR/CHF surged from 1.1817 to 1.2313.
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