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Euro higher ahead of second Greek reform vote

Wednesday, Jul 22 2015
The euro rose near one-week highs against the U.S. dollar on Wednesday, as demand for the single currency remained supported as Greek lawmakers prepared for a second vote on bailout reforms. The Greek parliament was set to vote later Wednesday on a second set of reforms needed to secure the country's bailout deal.
 
If lawmakers approve the financial and judicial reforms, Greece will be able to press ahead with negotiations for an €86 billion bailout from its creditors. On Monday, Greek banks reopened following a forced 3-week closure, while restrictions on cash withdrawals remained in place.
 
In addition, the International Monetary Fund confirmed that Greece had cleared its overdue debt repayments of €2.05 billion and was no longer in arrears.The repayments, and another for €4.2 billion to the European Central Bank due on Monday, were made possible by a short-term European Union loan of €7 billion. Greece's next major deadline is August 20, when it must pay €3.2 billion owed to the ECB, followed by a payment of €1.5 billion to the IMF in September.
 
Euro is currently being traded around 1.0940 area. Pair is likely to find support around 1.0880 level and resistance above 1.0980 area. Later today, in the US session, Existing Home Sales figures are scheduled for a release.
 
More in this category: « BoE closer to rate hike Existing Home Sales at an eight-year high »

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