The Euro gained against other major currencies on Tuesday on optimism that lawmakers in Slovakia will pass a bailout fund this week. The country is the only one of the 17 euro members to have turn down a revamped bailout fund aimed at boosting the regions economy and pegging the debt crisis that has plagued it for much of the year.
Slovakia’s largest opposition party rejected the revised bailout plan on its first vote but Ivan Miklos, Finance Minister, said that the plan will likely be approved by policy makers later this week in a new vote.
Analyst’s, economists and traders have all stated that the euro is now waiting for Slovakia to choose one way or the other so much of the attention will be on them until a decision is made. Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA stated “Stocks are holding on to their gains from yesterday after the German-French promise to deliver this comprehensive plan gave the market the impression that European policy makers are finally getting it.”
The euro gained 0.0317 percent against the U.S. dollar to close at 1.3645.
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