Euro near 3-week high on renewed Greek debt hopes

The euro glided close to a three-week high Tuesday on new hopes Greece was close to securing new funding. 

On Monday, Prime Minister Alexis Tsipras revamped his group of bailout negotiators, a move considered an endeavor to sideline his Finance Minister Yanis Varoufakis who failed to access €7.2 billion in bailout funds following three-months of talks. 

The common currency last traded at $1.0877. Against the Japanese yen, the shared currency stood at ¥129.59. 

Varoufakis' strategies have been frustrating the European creditors. Appointing a more conventional negotiator has ignited optimism an agreement “will be reached before large payments are due in May,” said Ray Attrill, Global Co-Head of FX Strategy at National Australia Bank. 

Greece and eurozone finance minister will meet on May 11, a day before the former needs to pay €700 million to the International Monetary Fund.