November 26, 2012 / 10:26 PM / 5 years ago

Euro gains vs US dollar after official says Greek debt deal reached

The euro hit a one-month peak against the U.S. dollar on Monday after an official said euro zone and International Monetary Fund officials had reached a deal on reducing Greece’s debt.

The euro jumped to $1.2992, according to Reuters data, 0.1 percent higher on the day and its best showing since late October. It had been modestly weaker against the dollar for most of the New York session.

The deal to cut Greece’s debt-to-GDP ratio to 124 percent by 2020 should free up the next installment of emergency aid, which had been held up by disagreement over debt reduction.

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