Market news
28.06.2011, 07:55

Forex: Monday's review

The euro strengthened amid optimism Greece’s parliament will approve austerity measures required to help avert the currency bloc’s first sovereign default.
Greek lawmakers start debating today the five-year, 78 billion-euro ($111 billion) package of budget cuts and asset sales that officials say is needed to receive a loan payment and future financing from the European Union and the International Monetary Fund.
The shared currency was also supported as Chinese Premier Wen Jiabao said his country will keep investing in Europe’s sovereign bond market.
The pound strengthened on speculation the Bank of England may raise rates earlier than expected after the Bank for International Settlements said central banks need to start raising interest rates to control inflation.
New Zealand’s dollar slumped after a report showed the trade surplus narrowed in May more than forecast. 
The nation’s trade surplus was NZ$605 million ($485 million) in May compared with the median estimate of economists for a NZ$1 billion surplus.

EUR/USD: on results of yesterday's session the pair become stronger in $1.4290  area.
GBP/USD: the pair holds on $1.5901-$ 1.6010.
USD/JPY: on results of yesterday's session the pair grown in Y80.90  area. 

German June flash HICP data is expected, although no firm release time is yet available. 
UK data starts at 0830GMT, with the release of the third estimate of Q1 GDP and the Q1 Balance of Payments.

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