Monday saw the value of the shared currency of the European Union advance toward its top price against the world's reserve currency after the parliament of debt-hobbled Greece voted up austerity measures, Reuters reports.
The Aegean nation is waiting on the equivalent of $173 billion in euros to help it stave off defaulting on loan obligations, one of which is due in the middle of next month. The international aid represents Greece's second bailout since June 2010 as the sovereign debt crisis has victimized the nation's banks, markets and public finance system.
"We think that Greece is going to get their money by March 20, but we still think the euro's going to sell off," senior currency strategist David Watt with RBC Capital Markets in Toronto told the news service. "Most people are just keeping their heads down, they're doing things when they have to do it."
The focus of attention is set to shift to Wednesday when finance ministers from the other euro zone nations convene in Brussels.
The value of the embattled euro was hurtling toward its top price since late last year against the greenback, according to Bloomberg. The monetary unit also was climbing against the English pound and the Japanese yen.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
