Forexpros – The euro was higher against the U.S. dollar on Monday, as market sentiment found support after Greece’s parliament approved a series of fresh austerity measures in time for a meeting of euro zone ministers later this week.
EUR/USD hit 1.3260 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3259, adding 0.47%.
The pair was likely to find support at 1.3154, the low of February 10 and resistance at 1.3320, the high of February 9.
The Greek parliament approved on Sunday a set of spending and wage cuts needed to secure the country’s EUR130 billion bailout package and avoid a sovereign debt default.
Along with the parliamentary approval, Greece must find a further EUR325 million of spending cuts and political assurances must be given that the plan will be implemented, in order to gain approval from global lenders.
Euro zone finance ministers are scheduled to meet later this week to discuss the approval of Greece’s second bailout before the March 20 deadline.
The euro was also higher against the pound with EUR/GBP rising 0.24%, to hit 0.8396.
Investors were also eyeing a slew of debt auctions later in the week by Italy, Spain and France, as the sales will be considered as a gauge of investor confidence in the euro zone high-yielding sovereign debts.
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