Euro hovers near 4-month peak as market looks to EU summit

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Euro hovers near 4-month peak as market looks to EU summit eNCA

File: The euro changed hands at $1.1439, just below a four-month high of $1.1452 touched on Wednesday.TOKYO - The euro hovered near four-month highs against the dollar on Monday as investors held on to hopes that European leaders would break a deadlock and hammer out an economic rescue deal as their marathon summit reached a record length.

A source said 350 billion euros on grants was the maximum acceptable for the camp of thrifty northerners, compared to 400 billion seen as the bare minimum by many others, including Germany and France. Diplomats said it was possible that they would abandon the summit and try again for an agreement next month."I don't know what to expect from the summit. But even if there is no agreement, the impact will be limited given the euro appears to have a fairly strong momentum these days," said Yukio Ishizuki, senior strategist at Daiwa Securities.

 

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