Euro Continues its Gains After Greece Passes Austerity Plan

The euro continues its gains today after the Greek Parliament approves new austerity plan. The approval of these new austerity measures allows Greece to receive more aid. As the vote was being passed, Greek police clashed with protesters in central Athens. The people of Greece disagree with these new austerity measures because of the major effects it has on them, such as even lower public sector wages. These new austerity measures does not mean Greece still won’t default, it just does not look as dire as it did yesterday. They still have a long road ahead of them.

The euro gained 0.36% against the dollar, 0.07% against the yen, and 0.77% against the franc. Over the past week, the euro has recovered over 1.5% erasing most of the month’s loss. The U.S. dollar has been under pressure after weak economic data this month. The DXY is down 0.44% today.

Overall, the euro continues to gain ground against the other major currencies after the Greek vote. Now that the Greece has passed these new austerity measures, it takes some pressure off all the markets and we should see less volatile trading in the near future.

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About EditorinChief

The owner of Active Investor, the Editor-in-Chief is the man in charge. With his expertise in the currency market, his political science background gives him the expertise to comment on the political wranglings effect on the broader market.

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