Market sentiments could unconditionally use another push as Athens nears to seal the biggest sovereign restructuring in history, a debt swap deal that could save Greece from a doomed outlook and pull it back from the edge of a chaotic default that could happen two weeks later.
Against its U.S. counterpart, the 17-nation common currency rallied the most in two weeks as speculation mounted the debt-throttled nation will scoop up enough participation from the private sector to seal a debt exchange offer that ends less than two hours from now.
The latest reports cited officials claiming Greek bond swap deal is smoothly underway and private investors with 75% of Greece's debt so far agreed to take the wheel. The news lifted the markets ahead of the final deadline today at 10:00 p.m. in Athens.
The euro also gained for the second day versus the greenback after the European Central Bank lift its benchmark interest rates intact and President Mario Draghi said recent surveys signaled economic stabilization and remarked the unquestionable success of the latest LTROs.
Ahead of Tomorrow's NFP employment figure, a Labor Department report showed today that the number of Americans filing for unemployment benifits rose 8 thousand last week, to 362 thousand from a revised 354 thousand in the earlier week, missing estimates of 352 thousand.
The Greenback fell against 6 of its most-traded peer, including the euro, the pound and the yen, trading around 79.20 areas after scoring a high of 79.78 and a low of 79.12 since the index started the day at 79.62.
Commodities rebounded on improved risk traction and falling U.S. dollar, as the yellow shiny metal rose to trade around $1696.52 an ounce after opening at $1684.99. Oil futures for April delivery advanced to $106.89 a barrel after opening at $106.13.
As we said, the euro outperformed its major peers starting with the greenback, where the EUR/USD pair is trading with gains since the open at $1.3141 then printing a fresh high of $1.3278 and currently trading around $1.3259.
The GBP/USD inclined today as well after the Bank of England maintained its key interest rate and bond-purchase target. The pair started the day at $1.5731 and recoded a high of $1.5832 and a low of $1.5724 to currently trade around $1.5819.