The euro was gaining in value against the US dollar today trading at 1.4289 as of around 07:00 A.M. GMT., a few hours before the opening of the much-anticipated euro zone summit to discuss a second financial bailout for Greece.
On Wednesday, two major players in the EU, France and Germany, agreed on a common strategy to contain the burgeoning EU public debt crisis.
The euro is up 0.513% on the day and has reached a session high of 1.4295 with a low of 1.4210 so far. Click here for more Forex analysis.
Across the Atlantic, the White House said yesterday that Barack Obama could accept a short extension of only a few days of the debt ceiling in order to “give a little extra time” to find a solution to the US debt crisis.
Later today, the US Department of Labor is to release the Initial Jobless Claims figure at 12:30 A.M. GMT. Last week the reading came out at 405K but forecasts are somewhat negative this week with an expectation of 408K people filing for unemployment benefits for the first time.
Lastly, US Federal Reserver Chairman Ben Bernanke is to testify in Washington DC at 2:00 P.M. GMT today on the current US economic outlook and the ongoing public debt issue.