Investing.com - The euro rose against the dollar on Monday as European leaders appeared set to free up rescue money for Greece, while in China, the country cut bank lending requirements to spur economic growth, which sent the dollar falling.
In early Asian trading on Monday, EUR/USD hit 1.3221, up 0.62%, gaining from a session low of 1.3174 and off from a high of 1.3237.
The pair was likely to test support at 1.3115, Friday's low, and resistance at 1.3284, last Monday's high.
European leaders were close to granting Greece access to EUR130 billion in bailout money the country needs to avoid a messy default, with public officials stating that a Monday approval appeared likely.
Greece's parliament recently approved austerity measures such as pension reform and public-sector layoffs needed to receive the funding, and the country's cabinet followed suit over the weekend.
European ministers will meet later on Monday to vote on the move, with approval seen as increasingly likely.
U.S. markets will be closed for the President's Day Holiday, although China's decision to lower lending requirements sent the dollar dropping in Asian trading, which helped bolster the euro.
The move out of China boosted demand for riskier assets across Asian markets, which prompted selling of safe-haven currencies like the dollar and the yen.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP gaining 0.30% to 0.8327 and EUR/JPY up 0.76% at 105.33.
All eyes will focus on Europe on Monday, when the currency zone's finance ministers meet to vote on Greece.
In early Asian trading on Monday, EUR/USD hit 1.3221, up 0.62%, gaining from a session low of 1.3174 and off from a high of 1.3237.
The pair was likely to test support at 1.3115, Friday's low, and resistance at 1.3284, last Monday's high.
European leaders were close to granting Greece access to EUR130 billion in bailout money the country needs to avoid a messy default, with public officials stating that a Monday approval appeared likely.
Greece's parliament recently approved austerity measures such as pension reform and public-sector layoffs needed to receive the funding, and the country's cabinet followed suit over the weekend.
European ministers will meet later on Monday to vote on the move, with approval seen as increasingly likely.
U.S. markets will be closed for the President's Day Holiday, although China's decision to lower lending requirements sent the dollar dropping in Asian trading, which helped bolster the euro.
The move out of China boosted demand for riskier assets across Asian markets, which prompted selling of safe-haven currencies like the dollar and the yen.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP gaining 0.30% to 0.8327 and EUR/JPY up 0.76% at 105.33.
All eyes will focus on Europe on Monday, when the currency zone's finance ministers meet to vote on Greece.