Euro climbs amid optimism for Monday pact

The value of the shared currency of the European Union gained against the world's reserve currency on Friday amid optimism for Greece receiving international bailout funds, according to Bloomberg.

The monetary unit climbed to its top value in 60 days against the Japanese yen after the leaders of three euro zone nations expressed confidence about reaching a pact when euro zone finance ministers convene on Monday.

"It's simply a reversal of an overly pessimistic view on the euro zone from earlier in the week, so there is upside for the euro and there is a recovery in the stability trade," chief economic strategist Andrew Wilkinson with Miller Tabak in New York told the news service. "There's become a clear case of buying the dips in the market’s mentality."

German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Greek Prime Minister Lucas Papademos expressed confidence in reaching an agreement for the tranche being activated at the Brussels meeting.

Reuters reports a Greek government spokesman said the Aegean nation is expecting approval from the finance ministers on Monday to kick off debt swaps with private bondholders.