Forex - Weaker dollar slips against yen ahead of Greece vote
Investing.com
Published Jun 29, 2011 03:39AM ET
USD/JPY hit 80.94 during late Asian trade, the daily low; the pair subsequently consolidated at 81.02, slipping 0.11%.
The pair was likely to find support at 80.31, Monday’s low and short-term resistance at 81.26, Tuesday’s high and an almost four-week high.
Greece's parliament was due to vote on an unpopular national austerity plan later in the day. The plan needed to pass for the indebted nation to secure a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund.
Market sentiment received a boost after German lenders agreed to consider rolling over approximately EUR8 billion in Greek debt, provided there were assurances that the terms of the deal would not be seen by ratings agencies as putting Greece into default.
In Japan, official data showed earlier that industrial production rose at the fastest pace in more than 50 years in May, as automakers resumed operations, following March’s earthquake and tsunami.
The Trade Ministry said factory output increased 5.7% last month, the biggest gain since 1953, after rising by an upwardly revised 1.6% in April, outstripping expectations for a 5.6% gain.
Meanwhile, the yen was down against the euro, with EUR/JPY easing up 0.17% to hit 116.76.
Later in the day, the U.S. was to publish industry data on pending home sales.
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Written By: Investing.com
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