//
The currency peaked at $1.4553 this morning (July 1st) before falling back to $1.4520, as investors switched their attention from the sovereign debt troubles in Greece to upcoming US economic data, reported Reuters.
Overall, the euro has rallied some three per cent during the course of the last week, as the market highlighted its concerns that Greece would become bankrupt, before rallying following signs the economy of the country was actually stabilising.
"The market is bullish on risk and looking to buy euros," Paul Mackel, director of currency strategy at HSBC, told the news agency. "It could rise to $1.47 against the dollar if the data pulse from the US keeps getting better."
Meanwhile, Lee Sun-yeb, a market analyst at Shinhan Investment Corp, told the news provider that progress in Greece is stoking appetite for stocks, while positive global economic data is also having a positive impact on investors.
Posted by Greg Secker
