Euro strengthened on the verge of Greek banks' resumption

The euro freezes its long lasting loses against sterlings and held sturdy in early Asian trades today as Greek banks lined up to resume operations with some restricted conditions on withdrawal limits.

Euro zone ministers decided on last week to lend a helping hand to Greece by bridging loan a €7 billion from a European Union fund to keep its finances buoyant until a recent bailout is approved.

The ECB augmented its emergency lending to Greek banks by €900 million and added that it is operating under the supposition that Greece will remain in the euro zone.

In the week ahead, market players will focus on U.S. data on home sales and jobless claims for further indications on the strength of the economy and the timing of an interest rate hike.

In addition to this development, flurry of data releases are lined up. Manufacturing data from China, the euro zone and the U.S. are in major focus. Today, Canada is to report on wholesale sales.