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Euro strengthens on German coalition accord, four year high on yen

FXstreet.com (London) – The euro strengthened on news that the proposed German coalition has reached an agreement that would see it form a government in a Grand Coalition. The agreement will see wages and spending increases without tax hikes.

The accord reached just before 5 am in Berlin this morning concluded 17 hours of negotiations between Angela Merkel’s Christian Democratic Union party, the leaders of allied Bavarian sister party, the conservative Christian Social Union, and the Social Democrats.

The deal must still be put to a vote before the 470,000 members of the Social Democrats, who will serve as a junior partner …read more