Euro Breaks Above $1.40 As Markets Expect Resounding European Approval For Greece's Budget

Hopes that the European Commission will soon give its approval of Greek budget plans today may be helping the euro rally back above the $1.40 mark in early A.M. U.S. trading.

WSJ: Hopes that Athens will now reduce its deficit and avoid default on its foreign debt have helped to stabilise the spread on the country’s five-year sovereign credit-default swaps, a type of default insurance, and slightly narrowed the yield spread between its 10-year bonds and those of Germany.

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