SUBSCRIBE TO FEEDGreek cabinet unveils 4.8 bln euro austerity plan
FOREX-Euro rises vs dollar after Greek austerity plans
Trading in the euro/dollar was volatile and markets remained wary over whether the plan would be enough for Athens to win financial support from Germany and France.
“We believe today’s developments go a long way towards pacifying the markets which have become preoccupied with fragmentation risk in the region,” said Boris Schlossberg, director of currency research at GFT in New York.
“If the Germans and the French offer support for Greece, the sense of crisis may lift from the markets and the EUR/USD could see a short covering relief rally over the next several weeks,” he added.
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