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Emma Lawson, currency strategist at National Australia Bank in Sydney, told Bloomberg: "The market is definitely putting its faith in the ability of the euro-area authorities to have something concrete in place by the end of the month and that is helping support euro."
At 08:19 BST today, it was trading at $1.3651 and 104.69 yen, which was only 0.3 per cent from the highest level against the Japanese currency seen since September 21st.
The improvement in the shared currency's value may be attributable to the hints from the European Union and International Monetary Fund that up to €8 billion (£6.99 billion) will be loaned to Greece next month.
EU leaders are set to meet on October 23rd to finalise their "comprehensive strategy" to deal with the debt crisis, according to European Council president Herman Van Rompuy.
Posted by Chris Weaver
