Opinion Polls In Greece help EUR
Despite the ongoing problems in the eurozone, US consumer confidence recorded its ninth consecutive monthly gain in May, rising to the highest level since October. American households effectively became more upbeat in response to an improved outlook for employment.
The consumer is also proving to be resilient in parts of the trouble hit eurozone withGerman consumer confidence holding steady and France’s consumer confidence increasing to the highest level since November 2010. The uncertainty over Greece remaining in the eurozone may not become any clearer untilthe election on 17 June. As a result, US economic data releases this week may grab the spotlight. Major releases include GDP on Thursday and Friday’s non-farm payrolls.
On the FX markets, the euro declined over 2% against the US dollar last week, after hitting $1.2495, the lowest level since July 2010. The euro has since recovered some of its losses with EUR/USD climbing back over $1.26 early this morning on news that the Greek New Democracy party, which supports the bailout plan, was placed first in six opinion polls – this can only be described as tenuous at best!
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