By: Barbara Zigah
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. Renewed Greek concerns are putting pressure on the Euro yet again, with the focus this week in Greece as the Parliament there votes to decide whether or not to support the austerity reforms which are being demanded as part of the terms and conditions of a new bailout package by the European Union/International Monetary Fund’s joint mission.
As reported at 1:47 p.m. (JST) in Tokyo, the Euro slipped to a record low trade of 1.1800 last Friday against the Swiss Franc, and hovered nearby today at 1.1828. Versus the U.S. Dollar, the Euro slipped to $1.4127, a decline of 0.4%, rebounding from the earlier low of $1.4102.
The Deputy Prime Minister of Greece cautioned that some reforms might be blocked by certain “rebel” lawmakers but that he believed that the Parliament would do what’s right and back the austerity package in order to avoid bankruptcy. Ahead of the vote, investors expect investors to be cautious, but believe that if passed risk appetite will likely pick up.