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GBP/EUR slips after German vote for Greek bailout

GBP/EUR slips after German vote for Greek bailout

Germany’s Angela Merkel won a parliamentary vote on the Greek aid package after warning German lawmakers that pushing Greece out of the euro would risk “incalculable  damage”. The vote revealed dissent in her coalition with 496 members voting in favour of the €130 billion package, however, 90 voted against it with a further 5 abstaining.

Merkel’s  government pushed through the measure to stave off a collapse of the Greek economy amid signs of growing resistance as one of her cabinet ministers called for Greece to leave the single currency.

This week sees a raft of US data releases which will be judged against the market’s expectations of an improving economy. First up yesterday was the pending home sales index which showed that contracts to purchase previously owned homes were near a two year high. The index rose 2 points to 97 giving further evidence the US housing market is slowly turning the corner.

The Euro was under pressure before the German vote before recovering ground to around $1.3450 with GBP slipping below the GBP/EUR 1.18 level.

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