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euro exchange rate hits three week high against us dollar

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Greece which has been meeting with its creditors to lower its debt are near to closing a deal which has caused a ripple affect in the currency markets today. Due to Greece bailout the euro currency exchange rate increased to a 3 week high against the US dollar.

Greece is close to reaching a deal with the banks and creditors based on a bailout which will be received in instalments of cash injections to avoid defaulting on its debt. A strong proposal put forward was to swap their bonds for new ones that are worth 50 percent less for the creditors plus as they are new bonds they would have lower interest rates and longer maturities which would give Greece more time to pay them off.

Although Greece and representatives for the creditors keep saying they are moving closer to a final deal the world is watching after Greece failed to agree on a deal last week.

The exchange rate for the euro rose to its highest level at $1.3052 in currency market trading this afternoon which is the highest level since Jan. 3 making the euro exchange rate worth $1.2923 by late Friday. Considering the US dollar also weakened against nearly all other currency exchange rates on Monday.

Taking in to account the US Dollar was trading poor against all other currencies, the US dollar currency market trading was low against the following other currencies from the New Zealand dollar,Australian dollar, the Norwegian krone, the Hong Kong dollar and the Brazilian real.On other currency market trading around the world the US dollar has caused currencies such as Japanese yen slip from 76.94 to 76.98, the Swiss franc slipped from 0.9283 to 0.9351 and finally Canadian dollar slipped from 1.0081 to 1.0138.

In a positive note the pound sterling (British pound) currency market trading rose to $1.5575 from $1.5542.

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