*ALL IS WELL*
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Austerity Passes, EUR/USD Eases From 3-Week High Afterwards on “Sell the News” Reaction
In what proved to be a volatile half hour in currency markets we saw the Greek austerity measures pass in the Greek parliament. While the "yes" vote was expected it still created heavy volatility, and we saw a reaction of EUR/USD selling in the wake reports that the measures had passed in what looks like a bit of "buy the rumor, sell the news" reaction. We saw the pair slip sharply down to the 1.4330 area as we had 1 member vote "no" from the ruling party which gave the markets a scare. He was subsequently thrown out of the party after the vote. The finaly tally was 155-139 with some abstentions. ... (full story)
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