Monday saw the Australian and New Zealand dollars benefit from advancement in Greece as the Aegean nation's parliament voted up deep austerity measures to secure its second bailout tranche since June 2010, according to Bloomberg.
Both the Aussie and the Kiwi climbed in value against the U.S. dollar and the Japanese yen. Economic data released in Australia indicated this past December saw a
gain in home loan approvals. The parliament passing austerity measures sets up Greece to receive the equivalent of $173 billion in euros, which should help the debt-hobbled nation meet financing needs for the next two-plus years.
One dealer of treasuries noted gains for the Aussie tracked the upward tick of particular equities, most ntable the Shanghai Composite.
"While the Greek austerity vote undoubtedly helped to boost sentiment earlier in the session, it is clear that the recovery on the Shanghai Composite intraday has helped spur on gains elsewhere," treasury dealer David Scutt with Arab Bank in Sydney told Dow Jones Newswires.
In Athens, 199 lawmakers voted for the austerity measures while 74 voted against it, the speaker of the parliament told state television, according to Bloomberg.
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.