Forex - EUR/JPY gains ahead of crucial Greece confidence vote
Investing.com
Published Jun 21, 2011 09:04AM ET
EUR/JPY hit 115.35 during European afternoon trade, the pair’s highest since June 15; the pair subsequently consolidated at 115.15, gaining 0.31%.
The pair was likely to find support at 113.58, Monday’s low and resistance at 116.46, the high of June 15.
Prime Minister George Papandreou needs the confidence vote to pass in order for his government to secure support for new austerity measures and qualify for a second tranche of emergency loans from the European Union and International Monetary Fund, in order to avert a sovereign debt default.
Earlier in the day, the euro slipped after the ZEW Centre for Economic Research said its index of German economic sentiment fell significantly more-than-expected in June, dropping for the fourth consecutive month.
The index fell to -9.0 in June from a reading of 3.1 in May. Analysts had expected the index to decline to -3.0 in June.
Commenting on the report, ZEW President Wolfgang Franz said, "Troubles in the euro zone as well as the feared economic downturn in the U.S. seem to weigh heavily on the mind of the financial market experts”.
The euro was also higher against the Swiss franc, with EUR/CHF easing up 0.13% to hit 1.2122.
Also Tuesday, the U.S. was to publish industry data on existing home sales.
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Written By: Investing.com
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