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The euro continues to rise as the vote on the next Greek austerity program nears with market participants expecting a positive outcome. This may set up an opportunity to \u201cbuy the rumor, sell the fact,\u201d as the release of the next tranche from Greece\u2019s first bailout simply kicks the can down the road. A solution to the underlying burden of Greek debt remains to be found.<\/p>\n
<\/span>EUR \u2013 Greek Austerity Vote USD \u2013 Pending Home Sales m\/m \u2013 14:00 GMT
\nThe debate rages in the Greek parliament while rioters run amok in the streets<\/a> of Athens leading up to today\u2019s austerity vote<\/a>. The euro has been bid with a majority of expectations for a successful passage of the plan which would allow Greece to receive the final tranche from its first bailout. But the weight of the debt burden will not be lifted from Greece but only pushed further into the future. This may present a selling opportunity in the present euro rally. Last week\u2019s high at 1.4440 is the first resistance followed by the early June high at 1.4700. Support is found at yesterday\u2019s low at 1.4240 and the rising support line from the mid-May low at 1.4115.<\/p>\n
\nExpectations: 2.4%. Previous: -11.6%.
\nForecasts are for a rebound from the previous month\u2019s sharp downturn in pending home sales though this data release will largely be put on the back burner to the events taking place in Greece.<\/p>\n