Euro rises on Greek relief

The euro and commodity currencies saw overnight gains in Asia after Greece edged closer to securing the funds required to avoid a debt default, reports Reuters.

However, further gains are likely to depend on consumer inflation data and industrial output from China, which could either undermine or support the improving risk sentiment. The euro stood at $1.3274, having gone up by one per cent on Thursday when it appeared as though Greece looked close to achieving a 95 per cent agreement required for its bond swap offer to private creditors in order to reduce its debt burden.

This resulted in the US dollar falling to its lowest point this week against many of the major currencies. However, the greenback was able to rise against the yen, climbing from Thursday