Euro boosted on EFSF guidelines report *PIC*

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Euro boosted on EFSF guidelines report ( EURUSD ) (by William L. Watts)

FRANKFURT (MarketWatch) -- The euro reversed early weakness versus the U.S. dollar Thursday, trading higher after draft guidelines for the operation of the recently revamped European Financial Stability Facility, or EFSF, were revealed in a news report. Dow Jones Newswires, citing a draft document, said the guidelines would allow the EFSF to buy debt directly from countries issuing new bonds or on the open market. Purchase decisions would require an application and approval by the Eurogroup Working Group and the EFSF board, meaning decisions would be made quickly by European Union bureaucrats rather than via a political process, the report said. The euro (eurusd) turned higher versus the dollar and changed hands in recent action at $1.3819, up 0.4%.

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