Tuesday, June 21, 2011

Euro Reverses Greek Vote Losses

Following up on "Greece: Confidence Vote Goes in Favor of Papandreou. EURUSD Reaction To Confidence Vote Passage: Sell The News".
From Bloomberg:
Euro Gains Versus Dollar, Yen After Greece’s Pandreou Wins Confidence Vote
The euro rose against the dollar and the yen after Greek Prime Minister George Papandreou won a confidence vote in parliament, taking the Mediterranean nation one step closer to avoiding default on its debt.
The shared currency rose after Papandreou received 155 votes. He needed 151 to prevail. The Federal Reserve began a two-day policy meeting.

“The euro will trade higher,” Jessica Hoversen, a New York-based analyst at the futures broker MF Global Holdings Ltd., said before the vote. Greek lawmakers “recognize that the market needs to believe that Greece is going to get that $12 billion tranche and a vote for the government is a vote for the package.”...MORE
More to come