Virtual Position Forum
Please register to watch content in detail
Thanks
Admin virtual position


Join the forum, it's quick and easy

Virtual Position Forum
Please register to watch content in detail
Thanks
Admin virtual position
Virtual Position Forum
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Euro eases on profit-taking ahead of Greek vote

View previous topic View next topic Go down

GMT + 3 Hours Euro eases on profit-taking ahead of Greek vote

Post by Noor Bangash Wed Sep 14, 2011 1:34 pm

[You must be registered and logged in to see this image.]




TOKYO: The euro eased Wednesday on profit-taking following its overnight rise, with market players eyeing the Greek vote on austerity measures vital for Athens to avoid debt default, dealers said.

The euro edged down to $1.4351 in Tokyo morning trading from $1.4367 in New York late Tuesday. The European single currency also fell to 116.29 yen from 116.47 yen.

The dollar was almost flat at 81.03 yen against 81.08 yen.

The euro was weighed by investors' moves to lock in profits from the its overnight gain, but its downside was supported by an optimistic view of the Greek vote later in the day, dealers said.

"The market is awaiting the outcome of the vote that the parliament is widely expected to pass," said Gen Kawabe, dealer at Chuo Mitsui Trust and Banking.

"As in the case of the confidence vote in the Greek cabinet last time, there is an optimistic mood spreading" ahead of the vote, Masafumi Yamamoto, chief FX strategist at Barclays Capital in Tokyo said.

The euro got a lift Tuesday amid optimism that Greece would pass tough measures required under an European bailout of the country to avoid a debt default, despite fierce protests against the measures in Athens.

The vote is eagerly awaited by other debt-ridden eurozone countries fearing dangerous knock-on effects.

The new measures were drawn up to meet European Union and International Monetary Fund conditions for further bailout support, after a 110-billion-euro rescue last year.

If passed, these creditors could authorise as early as Sunday 12 billion euros in blocked funds needed to stave off bankruptcy for the Athens government when massive repayments fall due in mid-July.

On Tuesday, police fired tear gas on protestors on the first day of a 48-hour general strike against the belt-tightening package. (AFP)
Noor Bangash
Noor Bangash
Monstars
Monstars

Aquarius Horse
Posts : 868
Join date : 2011-07-13
Age : 34
Disagree

Character sheet
Experience:
Euro eases on profit-taking ahead of Greek vote Left_bar_bleue500/500Euro eases on profit-taking ahead of Greek vote Empty_bar_bleue  (500/500)

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

Permissions in this forum:
You cannot reply to topics in this forum