Forex - EUR/JPY gains ahead of crucial Greece confidence vote


Forex Pros - The euro rose against the yen on Tuesday, climbing to a four-day high, ahead of a critical vote of confidence in Greece's parliament, which would play a large part in determining the outcome of the country's sovereign debt crisis.

EUR/JPY hit 115.35 during European afternoon trade, the pair's highest since June 15; the pair subsequently consolidated at 115.15, gaining 0.31%.

The pair was likely to find support at 113.58, Monday's low and resistance at 116.46, the high of June 15.

Prime Minister George Papandreou needs the confidence vote to pass in order for his government to secure support for new austerity measures and qualify for a second tranche of emergency loans from the European Union and International Monetary Fund, in order to avert a sovereign debt default.

Earlier in the day, the euro slipped after the ZEW Centre for Economic Research said its index of German economic sentiment fell significantly more-than-expected in June, dropping for the fourth consecutive month.

The index fell to -9.0 in June from a reading of 3.1 in May. Analysts had expected the index to decline to -3.0 in June.

Commenting on the report, ZEW President Wolfgang Franz said, "Troubles in the euro zone as well as the feared economic downturn in the U.S. seem to weigh heavily on the mind of the financial market experts".

The euro was also higher against the Swiss franc, with EUR/CHF easing up 0.13% to hit 1.2122.

Also Tuesday, the U.S. was to publish industry data on existing home sales. Forex News

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Forex and Currencies

Referenced Stocks: MIND

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