(MENAFN- FxPro) The euro moved higher Monday as marathon overnight negotiations on a bailout deal for Greece hammered out an agreement to prevent a financial collapse and an exit from the euro area.
EUR/USD hit highs of 1.1197 and was last at 1.1178, up 0.17% for the day.
The euro was boosted after European officials said an agreement on a new aid program for Greece had been reached.
The details of the agreement were to be announced a press conference later in the day.
Greece accepted a series of draconian measures demanded by its creditors in exchange for a third bailout deal.
The Greek parliament must approve a package of reforms on Monday and then pass several pieces of legislation by Wednesday, including on pensions reform and a new sales tax regime, before the euro zone will agree to negotiate a new three-year rescue package.
Greece had initially resisted two key demands from creditors on having the International Monetary Fund involved in the new bailout, and on a German demand for Greece to set aside ‚¬50 billion of state assets to act as collateral for fresh loans.
The euro also edged higher against the yen, with EUR/JPY touching highs of 137.79, before pulling back to 136.99.
The dollar also hit session highs against the safe haven yen, with USD/JPY rising to 123.09.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was last at 96.02, little changed for the day.
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