Forex: AUD/USD hits 11-week high as stocks advance

In Europe and ahead of this week's Eurogroup/ECOFIN meetings, Reuters is reporting that EU policymakers are considering approving an extension to the Irish and Portuguese programs. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The extension will see the average maturity of EU loans by increased by seven years, which will smooth the two countries' debt refinancing profiles well into the 2020s. Shorter maturity extensions of between 2-5 years were judged to be not beneficial enough for the country.” Later this week, a draft discussion document prepared by the troika will be presented to finance ministers at this week's Eurogroup/ECOFIN.