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Forex: EUR/USD holds near 4-day peak on Greek hopes

By FXstreet.com,  June 28, 2011, 02:50:00 PM EDT

FXstreet.com (Córdoba) - After peaking at 1.4396 during the American session, EUR/USD retreated somewhat as firmer US yields supported a Greenback recovery across the board. However, the EUR/USD pullback was contained by the 1.4340 area, and the pair consolidates in a tight range ever since.

The Euro has risen sharply on Tuesday propelled by risk appetite amid optimism the Greek Parliament will pass austerity measures that include the privatization of government assets, deep budget cuts, and an increase of taxes on Wednesday and Thursday votes, needed to to receive financial aid and avoid defaulting on its debt.

Andrei Tratseuski, analyst at Forex Club, said, "The markets are currently pricing in an eventual passage of austerity measures as Euro continues to gain ground against the United States Dollar. Risk appetite rally can currently be experienced in the market place as traders scramble to put their positions prior to epic vote".

At time of writing, EUR/USD is at the 1.4360/65 area, 0.53% above its opening price.




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

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