Forex News
A single day ahead of a legislative vote in the Greek parliament, which if approved will pave the way for the 5th bailout payment from the E.U./IMF special purpose mission, protestors by the thousands are amassing on the streets of Athens, according to a recent Reuters report. Thus begins a 2-day strike, organized by Greek labor unions, of individuals, including the unemployed, who plan to protest the additional austerity measures which were a precondition to the 5th tranche payment.
In Asian trading, the Euro earlier edged higher yet stalled just short of chart resistance as market players take a wait-and-see stance on Greece’s upcoming Parliamentary vote for additional austerity measures.
As investors seek out the safe haven of the Swiss Franc and the U.S. Dollar, the common currency Euro fell in Asian trading today, holding close to a record low versus the Swiss currency.
As has seemingly been the norm, the Euro is poised to move lower against the U.S. Dollar as Greek debt concerns continue to weigh. If analysts’ forecasts are correct and the Euro closes lower today, that will make the third such weekly decline in the common currency.
Following the widely expected announcement yesterday that Federal Reserve Bank does not intend to provide any further stimulus to the U.S. economy the U.S. Dollar gained broadly in Asian trading.
The Greek government managed to survive a confidence vote in Parliament, helping send the Euro briefly higher. A round of profit taking afterward brought the common currency back down but it has since rebounded slightly, trading at 1.4415, up 0.1% at 2:41 p.m. (JST) in Tokyo. Earlier in the trading session, the, Euro struck a high of $1.4435 before slipping back to an intraday low of $1.4345.
Investors are betting that policymakers in the Eurozone will view the Greek economy as too important to their own survival to allow it to fail, which allowed the Euro cling to hold onto recent small gains in the early Asian trading hours.
With the Eurozone’s finance ministers again postponing any firm decision about a resolution to the Greek fiscal problems the Euro edged lower in Asian trading today. As before, the Greek government was reminded that the E.U./IMF tranche payment is in jeopardy unless the government is successful in passing fiscal reforms through the Parliament.
The 24-hour rollercoaster ride that the common currency Euro has been on has finally ended as investors cover their short positions. In Asian trading, the Euro slipped 0.5% against the U.S. Dollar to trade at $1.4134, rebounding from the $1.4073 3-week low struck earlier.
With growing concerns that Greece’s problems are escalating, the Euro earlier dropped to a 3-week low against the U.S. Dollar in Asian trade.
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