Market news
27.06.2011, 12:14

European session

The euro strengthened against most of its 16 major peers tracked by Bloomberg amid optimism Greece’s parliament will approve austerity measures required to help avert the currency bloc’s first sovereign default.
The Dollar Index erased an earlier gain as Vittorio Grilli, head of the European Union’s Economic and Finance Committee, met representatives of some of the world’s biggest banks to discuss how private investors can participate in a new rescue. Greek lawmakers will today start debating the 78 billion-euro ($111 billion) budget package that officials say is needed to receive a loan payment and future financing.
“The euro could be range-trading between $1.41 and $1.43 until we get to the vote,” said Lutz Karpowitz, a currency strategist at Commerzbank AG in Frankfurt. “We are pretty sure that the Greek parliament will let these austerity measures pass through. Everybody who understands what will happen if they do not agree to implement these reforms comes to the conclusion that there is no alternative.”
US data starts at 1230GMT with Personal Income/Expenditures and the PCE Price Index. Personal income is expected to rise 0.4% in May, as payrolls rose 54,000, the average workweek held steady at 34.4, and hourly earnings rose 0.3%. PCE is forecast to hold steady x.x% on the 0.2% decline in retail sales. Non-auto sales rose 0.3%. The core PCE price index is forecast to rise 0.2% following the 0.2% April gain.

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