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EUR gains the dollar and Sterling on renewed hopes for Greece

EUR gains the dollar and Sterling on renewed hopes for Greece

Greece may soon breathe a sigh of relief, as a deal with the Troika looks closer, according to Greek-based paper citing Finance Minister Yannis Stournaras who suggests only 10 billion euros stand in the way of a deal. The Greek paper also reports that “the IMF has accepted that Greek debt will not meet its target of 120 % of GDP in 2020 and is willing for this to change to 124% in the same year.”

The strong manufacturing figures from China and the US fuelled speculation that a long slowdown in global output is rapidly coming to an end. Commodity prices jumped and stock markets lifted after China’s manufacturing sector expanded for the first time in 13 months in November.

The Confederation of British Industry’s monthly industrial trends survey showed UK manufacturers expect a fall in output over the next three months. Total order books remain relatively flat and the likely slowdown comes despite better demand for exports where the conditions improved to -12 from -22 in the previous month.

On the FX markets, optimism that a funding deal for Greece will ultimately be agreed overshadowed the disappointing eurozone PMI data and helped EUR/USD hit a high of $1.29. The euro also recorded gains against Sterling which saw GBP/EUR dip below the €1.2365 level.

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