Euro Strengthens After An Agreement On Aid For Greece (ULE)

Bloomberg reports that the euro was up in trading on Friday after France and Germany put forward a proposal on Thursday to provide aid for troubled Greece.

The euro rallied 0.9% against the dollar. On Thursday, the ProShares Ultra Euro (ETF) (NYSE: ULE) had closed 0.81% lower at $25.80 on Thursday.

The 16-nation currency had reached a 10-month low against the dollar on Wednesday after concerns had mounted that European Union leaders will not reach any consensus on providing aid for Greece at their summit in Brussels on Thursday. However, on Thursday, France and Germany, the two biggest economies in the euro zone, finally agreed on plan to bailout Greece, if it needed one.

According to the terms of agreement, any bailout plan would involve member countries of the euro zone and the International Monetary Fund. The plan received backing from other European countries at the summit.