The euro surged against the dollar and Swiss franc for the third day after the European stock market advanced.

The euro rose 0.1% to $1.4249 in New York in the early trading after earlier appreciating 0.4% to $1.4287. The euro surged 0.2% to 1.2553 Swiss francs whereas the dollar weakened 0.4% to 81.03 yen.

The Stoxx Europe 600 Index rose 0.2% after earlier advancing 0.7%. After the four-day decline, the MSCI Asia Pacific Index increased 1.1% today, while Standard & Poor’s 500 Index futures rose 0.4%. Sterling dropped 0.6% to 88.11 pence per euro and was 0.5% weaker as compared to the dollar which was at $1.6173. The krona surged 0.5% to 6.2945 against the dollar.

The pound fell against 16 most actively traded foreign currencies after the new policy of Bank of England was issued. Market analysts believe that this new policy could affect the recovery of economy.

Meanwhile, the IMF has warned Greece to manage its troubled financial state if it wants ECB to grant debt restructuring. ECB Board Member, Juergen Stark said that to think of debt restructuring as a solution to solve the problem of Greece is mere an illusion.