EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.82% against the USD and closed at 1.4474, after the Greece Parliament approved austerity measures necessary to avoid the debt default.
The Greek parliament approved €78 billion package of additional austerity measures and asset sales. The financial reforms that the government proposed includes a €28.0 billion in expenditure cut and tax hikes as well as a €50.0 billion privatization plan.
In the Euro zone economic news, the consumer confidence rose to -9.8 points in June from -9.9 points in May. The industrial confidence declined to 3.2 points in June from 3.8 points in May. The economic confidence declined to 105.1 points in June from 105.5 points in May. Additionally, the retail purchasing managers’ index (PMI) remained unchanged at a reading of 48.8 in June.
In the Asian session, at 3:00GMT, the EURUSD is trading at 1.4507, 0.23% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.4572, followed by the next resistance at 1.4636. The first support is at 1.4388, with the subsequent support at 1.4268.
Investors are eying ECB Trichet’s Speech along with other economic releases in the Euro zone to be released later today.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
