Euro Bounces After Reports About Greek Bailout Agreement

The euro was rather weak during the most part of the current trading session due to uncertainty about Greece and its future in the eurozone. Yet the currency bounced after reports that the Greek government and the European Union official were able to reach some form of compromise.
There were reports that the eurozone finance ministers made a draft of loan extending agreement for Greece, though there are still no official announcements. It looks like all the parties involved in the talks want Greece to stay in the eurozone. The disagreement is in terms for the country to stay in the currency union as Greece wants an aid without excessive austerity.
Talks about Greece were the main drive for the euro recently. The currency was trading mostly sideways as traders were cautious in taking big risk during uncertainty about the situation in the eurozone. If agreement was indeed reached it is likely that the currency will shoot to the upside.
EUR/USD was up from 1.1368 to 1.1395 as of 17:53 GMT today after falling to 1.1278 during the trading session. EUR/GBP advanced from 0.7372 to 0.7397, bouncing from 0.7339 — the lowest rate since January 2008. EUR/JPY sank from 135.19 to 133.54 before rebounding to 135.50.

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