By Catarina Saraiva and Allison Bennett
July 21 (Bloomberg) — The euro advanced to the highest in two weeks against the dollar as officials said European governments may expand the region’s bailout fund and accept a temporary Greek default, reducing contagion concern.
The dollar briefly pared its drop versus the yen on a New York Times report that President Barack Obama and House Speaker John Boehner have reached a budget pact. The Canadian dollar rose to a three-year high versus the greenback and the Norwegian krone advanced as crude oil gained. The Swiss franc fell against most of its major counterparts as the prospects for an agreement at today’s summit in Brussels reduced demand for a refuge.
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