ICM Brokers | Jul 02, 2012 06:50AM ET
The euro gained against the dollar as European Union leaders reached an agreement that alleviated concern banks will fail and spurred optimism they are closer to resolving the region’s sovereign-debt crisis. The dollar fell against all its major counterparts this week after EU officials during a two-day summit in Brussels dropped the requirement governments get preferred-creditor status on crisis loans to Spanish lenders. The themes this week were all around the EU summit and the anticipation that nothing of any substance was going to be resolved then headlines proved that to be incorrect. The euro rose 0.8 percent this week to $1.2667, after touching $1.2407, a three-week low, before the summit. EU leaders completed their 19th summit to discuss measures to stem a debt crisis that’s spurred five euro members to seek international bailouts. Euro-bloc finance ministers will enact the deal on loans to Spanish banks at a meeting on 9th of July, European Union President Herman Van Rompuy said, calling the accord a “breakthrough.”
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