Euro Rises After Greek Parliament Approves New Bailout Deal
The euro advanced against its most major counterparts in early Asian deals on Wednesday after Greek Prime Minister Lucas Papademos won parliamentary approval for a new international bailout.
Reports suggested that Greek Prime Minister Lucas Papademos won approval for a new 130 billion-euro ($172 billion) aid package that will keep the country's possible financial collapse at bay. A total of 213 lawmakers voted today in favor of the legislation and 79 against, reports quoted Acting Parliament Speaker Grigoris Niotis was saying in remarks carried live on state-run Vouli TV.
The euro strengthened to an 8-day high of 0.8362 against the pound and a 12-day high of 1.3270 against the dollar, compared to Tuesday's New York session close of 0.8339 and 1.3223, respectively. The next upside target level for the euro is seen at 0.840 against the pound and 1.330 against the dollar.
Against the yen, the euro climbed to near a 5-month high of 111.01 and if the euro gains further, it may likely target the 111.6 level. At Tuesday's New York session close, the euro-yen pair was quoted at 110.70.
Looking ahead, Japan's all industry activity index for January is due at 12:30 am ET.
Swiss M3 money supply and the U.K. public finance data - both for February and the Bank of England's March meeting minutes are scheduled for release in the European session.
U.K. Chancellor George Osborne will present his Budget to Parliament at 8:30 am ET.
Canada's leading indicators and the U.S. existing home sales - both for February are expected in the New York morning session.
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