Euro Recovers as Greece Accepts Austerity

The euro rose a little against the dollar and the yen today after the Greek parliament agreed on the austerity measures required to get the bailout, easing tensions around Greece and its debt problems.

Greek Prime Minister Lucas Papademos won vote in the parliament for austerity that the troika demands from the country. Sacha Tihanyi, a senior currency strategist at Scotiabank, said about the vote:

It certainly was helpful and positive for the currency. It probably induced some short-covering.

The euro has fallen by the end of the last week as Greek politicians rejected demands of the European Union for more austerity.

EUR/USD rose from 1.3248 to 1.3262 and EUR/JPY went up from 102.82 to 103.07 as of 9:45 GMT today.