Monday saw the shared currency of the European Union near its two-month trough against the U.S. dollar amid high anticipation for a meeting of European leaders' to discuss how to keep Greece within the euro zone, Bloomberg reports.
The 17-nation monetary unit was essentially even against most of its other major counterpart currencies. The Brussels meeting is set for the afternoon and arrives after Greek Prime Minister Antonis Samaras collected enough political support to approve the budget for next year.
"The key issue will be what comes out of the Eurogroup meeting. If the tranche is released it is positive for risk and we should see a reasonable bounce in the euro, given the pessimism that's been built into the markets about the euro area," FX strategist Raghav Subbarao with Barclays told Reuters.
Samaras told Greek television that 167 of 300 parliamentarians endorsed his budget while 128 voted against it. Four were in attendance and did not cast votes.
The Aegean nation is prepared to redeem 5 billion euro-worth of treasury bills by later this week and is in need of bailout aid, according to Reuters.
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.