May 28, 2012- The euro was up for just the first time in five sessions following opinion polls from Greece showing voters supporting the parties who want a European Union bailout. The polls eased concern that the country might leave the currency union.
The currency rebounded off its lowest level since July of 2010. The yen and dollar were weaker on the day, as there was less of a demand for the currencies since the euro was up.
New Democracy, a party that supports the original plan that was negotiated with all international lenders, was in first place in all of the opinion polls that were published Saturday May 26. Campaigning for the general election to be held next month continued through the weekend. In some of the opinion polls, the party was ahead by nearly 6% over the party that was opposed to the financial bailout, Syriza.
The euro dropped 4.6% of its value over the last six months. It is the biggest loser of 10 currencies in the developed market that are tracked by most financial news agencies. During that same time period, the dollar is up nearly 2%, while the yen is down 0.5%.
Analysts feel that as long as the party supporting the bailout stays ahead in the polls leading up to the general election, the euro will continue to remain steady.