The euro strengthened, recovering most of Wednesday™s loss, as Greek banks will get emergency funding after the European Central Bank put restriction on loans to the nation™s financial system.

The currency gained versus most of its major peers as the ECB will allow the Greek central bank to provide as much as 59.5 billion euros ($68 billion) in emergency funding for the country™s lenders, a euro-area central-bank official familiar with the decision said Thursday. The decision comes after the ECB shut off a key avenue for Greek banks™ funding Wednesday, citing doubts that the country™s newly elected government will conclude its aid program.

Source : Bloomberg