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18.06.2012 08:01

Asian session: The euro rose

01:30 Australia                  New Motor Vehicle Sales (MoM)    May    -0.7%           2.4%

01:30 Australia                  New Motor Vehicle Sales (YoY)     May    +7.3%                   22.4%

05:00 Japan            BoJ monthly economic report       June  

 

The euro rose to the strongest in almost a month as official projections showed pro-bailout parties won enough seats to control Greece’s parliament, easing concern the country would be forced from the currency bloc. The 17-nation euro extended last week’s 1 percent jump versus the dollar after figures from the Interior Ministry indicated the election would give New Democracy and Pasok a combined 162 seats if they agree to govern together in the 300- member parliament.

New Democracy won 29.8 percent of the vote and secured 129 seats in Greece’s legislature, according to partially counted returns posted on the Athens-based ministry’s website earlier today. Anti-bailout party Syriza gained 26.8 percent and 71 seats, while socialist Pasok, with 12.4 percent, gained 33 seats.

While 21 parties were on the Greek ballot yesterday, the main contest was between Syriza leader Alexis Tsipras, who has promised to renege on budget cuts demanded by creditors, and New Democracy’s Antonis Samaras, who has said his challenger was risking an exit from the currency union. Greece was left with a political stalemate after the previous general election on May 6.

The dollar and yen declined against most major counterparts as Asian stocks advanced, sapping demand for so-called safe-haven currencies.

 

EUR / USD: during the Asian session the pair gain, updating the monthly high.

GBP / USD: during the Asian session the pair traded in range $1.5690-$1.5740.

USD / JPY: during the Asian session the pair rose above Y79.00.

 

US data starts at 1400GMT by the NAHB Housing Market Index. Later on, at 1500GMT, ECB Governing Council member Ewald Nowotny is due to participate in a RZB EU Sky Talk, in Vienna.

18.06.2012 07:41

Forex: Friday’s review

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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