Market news
28.06.2011, 08:02

Asian session: The euro fell

The euro fell against the dollar and yen, reversing earlier gains, before Greek lawmakers vote on budget cuts needed to prevent the currency union’s first default.
The 17-nation currency slid after the Die Welt newspaper cited European Central Bank Executive Board member Juergen Stark as saying he doesn’t expect the international community to finance Greece further after July if the country doesn’t implement its austerity plan. The won snapped a three-day decline after a report showed South Korea’s current account surplus widened. 
The yen rose on speculation exporters bought the currency after its decline to more than one-week low.
The euro earlier gained after France proposed a target of rolling over 70 percent of Greece’s debt. German Finance Ministry spokesman Martin Kreienbaum said in Berlin his government welcomes proposals from the private sector. German and French lenders are the biggest European holders of 

EUR/USD: the pair shown high in  $1.4330 area then decreased below a mark $1.4300.
GBP/USD: the pair decreased in $1.5960  area.
USD/JPY: the pair decreased in Y80.70  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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