Investing.com - The euro rose to session highs on Monday after euro zone finance ministers failed to reach agreement over Greece’s bailout, but indicated that a final deal could be made later this week.
EUR/USD hit highs of 1.1404 and was last at 1.1393 after falling to lows of 1.1313 earlier in the day.
Following an emergency meeting of euro zone finance ministers Eurogroup head Jeroen Dijsselbloem said new reform proposals from Greece were “broad and comprehensive,” and a good basis to restart stalled negotiations.
He added that a final agreement could be reached later this week.
His comments were echoed by European Commission President Jean-Claude Juncker who said he’s aiming for a deal with Greece by the end of the week.
The Greek government submitted a new package of economic reforms to its creditors on Sunday night, indicating that it is prepared to make concessions to break a deadlock to unlock bailout funds.
Greece’s existing bailout is set to expire at the end of this month, when it must also repay €1.6 billion to the International Monetary Fund.
A default by Greece could trigger the country’s exit from the euro zone.
The single currency also hit the day’s highs against the yen and the Swiss franc, with EUR/JPY up 0.79% to 140.39 and EUR/CHF up 0.31% to 1.0449.
EUR/GBP added 0.66% to trade at 0.7194.
Meanwhile, the dollar pushed higher against the yen, with USD/JPY rising 0.38% to 123.17.
In the U.S., data on Monday showed that existing home sales jumped to a five-and-a-half year high in May.
The National Association of Realtors said home resales increased 5.1% to an annual rate of 5.35 million units, the highest level since November 2009.
Economists had forecast a more modest 4.4% rise.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.22% to 94.10, pressured by the stronger euro.