Greece and Europe said to move toward bailout extension -- BBG
Greece said to offer eurozone four principles in aid talks.
EUR/USD rallied to 1.1345 from 1.1300 on the initial report but quickly gave back half the gains. Gold also fell to a fresh low at $1217 as safe-haven demand faded.
Separately, Reuters is following up with this report moments later, that confirms it:
- Eurogroup source tells Reuters no 'deal' yet with Greece, may be an agreement to explore possibility of extending bailout program.
- Discussions to continue, aiming at mutually beneficial agreement
A press conference is coming up soon. Overall, this should take Greece off the front page for a few days and that's good for the euro. It doesn't necessarily mean the euro will rally though, it will just give markets a chance to focus on the eurozone economy (for better or worse).
