On Wednesday, Asian shares nudged up near their highest in more than five months and the single currency euro hovered close to an 8-week high as investors kept hopes alive for an agreement on details of a new Greek bailout package despite further delays.

The euro stood at $1.3250 and was hovering near its highest since mid-December of $1.32708 reached the day before.

“It’s really a reaction in terms of the better turn in the U.S. markets,” said Guy Stear, head of research with Societe Generale in Hong Kong. “There are signs that the ECB may be willing to accept some kind of haircuts on its Greek debt holdings, which would be more a crystallization of the fact that there are gains which have been made by the fact that these bonds were bought well under par,” Stear said.

Tags: Asian shares, euro, Greek bailout package, single currency

This entry was posted on Monday, February 13th, 2012 at 4:30 am and is filed under Blogs. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.