Euro Advances above 1.24 - 21.8.2012

The single currency rose today against the greenback climbing to 1.2427, the highest level since August 7. European leaders are scheduled to hold several meetings this week to discuss European debt problems. Tomorrow Luxembourg Prime Minister, Jean-Claude Juncker, is expected to visit Greece and discuss the nation’s austerity program, while French and German leaders will meet later this week. The euro was also supported by the results of the Spanish bills auction today. The nation raised 4.51 billion euros with the yield on one-year securities falling to 3.07% from 3.92% at the previous sale in July. However the euro may soon find resistance at 1.2442, a 7-week high settled on August 7.