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28.06.2011 11:58

EU session review: Euro volatile ahead of Greek vote on austerity plan

Data released:
06:00     Germany     Import prices (May)    -0.6%    -0.5%    0.3%
06:00     Germany     Import prices (May) Y/Y    8.1%    8.8%    9.4%
06:00     Germany     Import prices excluding oil (May) Y/Y    5.1%    -    6.2%
08:30     UK     GDP (Q1) final    0.5%    0.5%    0.5%
08:30     UK     GDP (Q1) final Y/Y     1.6%    1.8%    1.8%
08:30     UK     Current account (Q1), bln     -9.4    -4.9    -12.9 (-10.5)
09:00     Italy     Business confidence (May)    100.5    100.5    101.3

The euro is quite volatile Tuesday before Greek lawmakers vote on austerity measures needed to prevent the currency union’s first sovereign default.
Greek Prime Minister George Papandreou called on lawmakers to obey their “patriotic conscience” as they began to debate a five-year budget plan yesterday.
The euro fell earlier as European Central Bank Executive Board member Juergen Stark said he doesn’t expect the international community to further finance Greece after July if the country doesn’t implement its austerity plan.
“There is only this one plan A” for Greece, Stark said in an interview with Die Welt newspaper.
The pound fell as Bank of England policy maker Adam Posen said the U.K. economy is at “little risk of inflation,” adding to market speculation that interest rates may stay at a record low in coming months.

EUR/USD printed session high on $1.4328, but failed to break above the resistance at $1.4330. As a result rate fell to $1.4335 and remains under pressure.

GBP/USD fell from session high on $1.5980/90 to the lows around $1.5912 before recovered to $1.5965.

USD/JPY holds within the  Y80.70/95 range.

The US Consumer confidence report is due to come at 14:00 GMT.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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