Investing.com - The euro was broadly higher against its global counterparts on Tuesday, but gains remained limited as markets digested the news that euro zone officials had agreed on a second bailout package totaling EUR130 billion for Greece.
During European late morning trade, the euro was steady against the U.S. dollar, with EUR/USD dipping 0.09% to hit 1.3229.
Euro zone finance ministers agreed the details of a new financial package for Greece, which will reduce the country’s debt to 120.5% of gross domestic product by 2020, while the rate of the original bailout loan is to be reduced.
Private-sector creditors also agreed to take a write-down on their bonds of 53.5%, more than the 50% write-down that had been conceded before the meeting, which is expected to cut Greece's debt by EUR107 billion.
But investors remained wary amid concerns over Greece’s ability to implement the terms of the package.
Meanwhile, the Troika, which is composed of the European Union, European Central Bank and the International Monetary Fund, said in its latest report on Greece's debt sustainability that "additional debt relief" will be required in the future.
Elsewhere, the euro was higher against the pound, with EUR/GBP rising 0.25% to hit 0.8375.
In the U.K., official data showed that public finances recorded their largest monthly surplus since January 2008 last month.
Public sector net borrowing or the difference in value between public spending and income swung to a surplus of GBP10.7 billion in January, from a deficit of GBP11.1 billion the previous month.
The single currency was trading close to a three-month high against the broadly weaker yen, with EUR/JPY edging up 0.09% to hit 105.53.
The euro was steady against the Swiss franc, with EUR/CHF inching up 0.02% to hit 1.2072.
Earlier in the day, official data showed that Switzerland's trade surplus declined unexpectedly in January, falling to CHF1.55 billion from CHF2 billion the previous month as exports fell 3.4% on the month.
The euro pulled away from recent record lows against the Australian and New Zealand dollars, with EUR/AUD advancing 0.75% to hit 1.2405 and EUR/NZD climbing 0.50% to hit 1.5844.
In the minutes of its February policy meeting released earlier, the Reserve Bank of Australia said it remained willing to ease policy if commodity and raw material demand were to “weaken materially” although it left rates unchanged this month.
“While the financial situation in Europe remains fragile, the likelihood of an extremely bad outcome seems to have diminished somewhat,” the report added.
The euro also pushed higher against the Canadian dollar, with EUR/CAD climbing 0.22% to hit 1.3185.
Finance ministers from the euro zone were scheduled to continue talks in Brussels throughout the day on Tuesday.
During European late morning trade, the euro was steady against the U.S. dollar, with EUR/USD dipping 0.09% to hit 1.3229.
Euro zone finance ministers agreed the details of a new financial package for Greece, which will reduce the country’s debt to 120.5% of gross domestic product by 2020, while the rate of the original bailout loan is to be reduced.
Private-sector creditors also agreed to take a write-down on their bonds of 53.5%, more than the 50% write-down that had been conceded before the meeting, which is expected to cut Greece's debt by EUR107 billion.
But investors remained wary amid concerns over Greece’s ability to implement the terms of the package.
Meanwhile, the Troika, which is composed of the European Union, European Central Bank and the International Monetary Fund, said in its latest report on Greece's debt sustainability that "additional debt relief" will be required in the future.
Elsewhere, the euro was higher against the pound, with EUR/GBP rising 0.25% to hit 0.8375.
In the U.K., official data showed that public finances recorded their largest monthly surplus since January 2008 last month.
Public sector net borrowing or the difference in value between public spending and income swung to a surplus of GBP10.7 billion in January, from a deficit of GBP11.1 billion the previous month.
The single currency was trading close to a three-month high against the broadly weaker yen, with EUR/JPY edging up 0.09% to hit 105.53.
The euro was steady against the Swiss franc, with EUR/CHF inching up 0.02% to hit 1.2072.
Earlier in the day, official data showed that Switzerland's trade surplus declined unexpectedly in January, falling to CHF1.55 billion from CHF2 billion the previous month as exports fell 3.4% on the month.
The euro pulled away from recent record lows against the Australian and New Zealand dollars, with EUR/AUD advancing 0.75% to hit 1.2405 and EUR/NZD climbing 0.50% to hit 1.5844.
In the minutes of its February policy meeting released earlier, the Reserve Bank of Australia said it remained willing to ease policy if commodity and raw material demand were to “weaken materially” although it left rates unchanged this month.
“While the financial situation in Europe remains fragile, the likelihood of an extremely bad outcome seems to have diminished somewhat,” the report added.
The euro also pushed higher against the Canadian dollar, with EUR/CAD climbing 0.22% to hit 1.3185.
Finance ministers from the euro zone were scheduled to continue talks in Brussels throughout the day on Tuesday.