The Euro received a massive boost in the wake of today’s Asian session, as a confidence vote helped bring some light into the recent events and happenings over in Greece. The Greek government survived the confidence vote through which the EURUSD was boosted to a one week high of 1.4432 in the space of just a few seconds. The Euro had prior to this traded around the 1.4400 levels with choppy trading as market participants were in anticipation of the European news.
The rise of the EURUSD was short lived as soon after the pair dropped back down to trade around levels of 1.3910, after having spiked to as low as 1.4381 as most traders still see a stiff uphill struggle for Greece, in spite of tonight’s positive news. Next week’s parliamentary approval that is being asked for by the government is expected to test the Euro as the government will be discussing the very unpopular spending cuts and tax hikes.