The euro rose from a record low versus the Swiss franc as German Chancellor Angela Merkel said on Friday she would work with the European Central Bank on a debt plan for Greece.
Europe’s shared currency reversed its losses against the Swiss currency after Merkel retreated from demands that bondholders shoulder a “substantial” share of a Greek rescue, easing concern the region’s sovereign debt problems would worsen.
“The focus for the market is the situation transpiring in Europe and how much risk is in the system,” said Camilla Sutton, head of currency strategy at Bank of Nova Scotia in Toronto.
“We are moving very quickly from one side of the boat to the other in terms of euro and it’s highlighting how much uncertainty there is,” she said.
The euro rose 0.4 percent to 1.2142 francs, from 1.2098 francs on June 10, and reached a record 1.19466 francs. It weakened 0.3 percent to US$1.4306, from US$1.4347 last week. The shared currency fell 0.6 percent to ￥114.52, from ￥115.24.
The US dollar dropped 0.3 percent to ￥80.05, from ￥80.32, a fourth-straight week loss.
The 17-nation currency has gained 2.5 percent this year against nine other developed-nation currencies, according to Bloomberg Correlation-Weighted Currency Indexes. The US dollar has declined 4.8 percent, while the yen has lost 3.4 percent.
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