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Greek Government gets necessary vote of confidence

Written by Sam Coxhead on June 22nd, 2011.      0 comments

1:00PM (NZT) The ruling Greek Government gained a pass of the much needed confidence vote late on Tuesday in Athens. This is the first of a series of tests the ruling party will have to go through along the path to passing historic austerity measures to avoid default on debt payments. These harsh but necessary austerity measures must be in place before the EU/IMF led bailout package can be assured. Political tensions remain high, with countries needed to provide the funding under pressure from their own populations.

So for the time being the prospect of a Greek debt default has been averted and the EURO responded today by seeing demand initially before further selling pressure came to the market. Market conditions remain thin, and volatility within recent ranges will continue ahead of the Federal Reserve announcement on monetary policy later on today in the US.

Elsewhere in markets, equities have had a positive day, although closed off highs in the US. The commodity markets have had a mixed last 24 hours and conditions should continue to be choppy throughout the day.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8128 0.8087 0.8147
AUD/USD 1.0590 1.0545 1.062
NZD/AUD 0.7677 0.7631 0.7701
AUD/NZD 1.3026 1.2986 1.3104
NZD/GBP 0.5013 0.4991 0.5027
NZD/EUR 0.5657 0.5628 0.5676
NZD/YEN 65.22 64.97 65.31
NZD/CAD 0.7907 0.7883 0.7959