Pro-Bailout Parties Gain in Opinion Polls, Euro Rallies Against Dollar

The euro strengthened against the US dollar in Asian trading on Monday morning after opinion polls indicated that Greece's conservatives, who support the bailout, had gained ground over the anti-bailout Syriza party.

New polls showed a shift in favor of pro-bailout parties, leading to a relief rally as investors priced out the extreme risk of a chaotic Greek default.

The euro traded as high as 1.2578 compared to Friday's close of 1.2515 in New York, and was at 1.2560 by 8 a.m. Singapore time.