FX Headlines: Euro Gains as Summit Boosts Confidence

MENAFN Tuesday 15th March, 2011

The EUR/JPY pair gained in the overnight as details of the expanded bailout package for Europe’s most indebted nations were well-received by the markets. The summit, which propelled the Euro higher against all other major currencies, was aimed at widening the scope of the sovereign debt rescue fund and cutting the cost of loans to Greece. On the other side of the pair, the Yen was weighed down as the Bank of Japan said that it would inject 15 trillion Yen ($183 billion) to the financial system and increase the size of its asset-purchase program.

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