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Forex: Monday's review
The euro rose against the majority its most-traded counterparts after European leaders reassured investors a Greek default on its debts can be avoided, easing concern about a spreading regional credit crisis.
The common currency erased its decline versus the yen and dollar, as Luxembourg’s Jean-Claude Juncker said Italy was not in danger amid the euro area’s debt crisis. The Swiss franc remained higher against all its most-traded counterparts as Juncker said Greek Prime Minister George Papandreou had assured him the government would do everything ensure financial aid before the Greek parliament takes no confidence vote in his government tomorrow.
Greece needs parliamentary approval of a 78 billion-euro package ($111.6 billion) of budget cuts to ensure the payment of a fifth loan under last year’s 110 billion-euro bailout.
The new Greek finance minister, Evangelos Venizelos, who was named in Papandreou’s cabinet overhaul three days ago, came to Luxembourg with a “strong commitment” to the planned cuts that provoked street protests last week.
The main core-European release for Tuesday will be the German ZEW data, which is expected to weaken to readings of 90.0 for the current assessment and -3.0 for the economic sentiment index.
Events in the UK start at 0810GMT, when Bank of England MPC member Paul Fisher delivers a speech, followed at 0830GMT by the May Public
Sector Finances are due.
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