Forex News – Greek parliaments ratifies second bailout deal

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The euro advanced higher against the yen during European trading hours, to extend gains from the prior Asian session, hitting a fresh near 5-month high.

EURJPY reached 111.24 as the single currency got a lift against an ailing Japanese currency that has been weakened in the wake of monetary easing by the Bank of Japan last month.  EURUSD climbed higher to 1.3283

Meanwhile, euro got an extra lift today after news late on Tuesday/early Wednesday morning  that the Greek parliament ratified the second bailout deal, which will see the debt-ridden nation receive an additional 172 billion euros of aid from the EU and IMF.

The results of the bailout approval vote were 213 lawmakers supporting the loan deal, and with 79 deputies voting against it. Eight abstained from voting.

Approval of the bailout deal will set the stage for a round of harsh measures that international lenders have set as a precondition for the funds. The agreement was signed off in early March by Greece’s euro-zone partners, which ended months of negotiations and caused concerns in the markets over fear of the Greek debt crisis spreading to the rest of the euro zone. This put extreme pressure on the euro, which fell to levels as low as $1.26.