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Daily Report: Sentiments Lifted Mildly by Greek Parliamentary ApprovalAsian markets are lifted mildly as Greek parliament approved the austerity package, clearing an important hurdle to secure the EUR 130b second bailout from EU/IMF. Out of 300 lawmakers, a total of 199 voted in favor of the bill and 74 against. One important thing to note that 22 PASOK MPs and 21 New Democracy deputies voted against the bill and were ousted from their parties. That's the first time in Greek history with so many lawmakers ousted on the same night Greek Prime Minister Papademos said that "the full, timely and effective implementation of the program won't be easy," and there will be "short-term sacrifices for the Greek people". Anyway, now, Greece should be ready submit the whole package, including the PSI debt swap deal, to EU finance ministers on Wednesday for approving the bailout. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 102.01; (P) 102.61; (R1) 103.08; More Intraday bias in EUR/JPY remains neutral for the moment and more consolidations could be seen below 103.28 temporary top. But another rise will remain mildly in favor as long as 101.65 minor support holds. Above 103.38 will target 100% projection of 97.03 to 102.20 from 99.24 at 105.49. At this point, such rebound is still viewed as a correction only. Below 101.65 will argue that such corrective rise is finished and flip intraday bias back to the downside. Further break of 99.24 will confirm and should send EUR/JPY through 97.03 low. |
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