Markets Focus On Greece, UK Releases GDP Figures

Market Brief

EURUSD moved to highs of 1.4330 but later declined against most currencies before Greek lawmakers vote on budget cuts needed to prevent default of the nation. the currency also declined as ECB's Stark said that he doesn't expect further financing of Greece unless it implements its austerity plan, USDJPY remained range bound trading 80.72 – 80.93 as Yen gained strength as exporters bought currency after prices declined, GBPUSD dropped to lows of 1.5939, lowest since January after report showed house prices fell 0.1% for a second month, adding to signs that the UK economic recovery is stalling and GDP figures are due today, Dollar gained strength against most currencies on current EU debt-issues and weak US economic data as investors move to risk-safe assets before Greek parliamentary vote.

Asian stocks rose, with the regional benchmark index paring its loss for the month, on speculation Greece may be allowed to roll over some of its bonds, easing concern the nation's sovereign debt crisis will spread across Europe. Nikkei moved up 0.74%, Topix moved up 0.57% while Hang Seng remained largely unchanged. Data today would show US consumer confidence remain unchanged, house prices to decline while UK releases GDP figures. Focus is still strong on Greece as markets remain jittery before tomorrow's austerity plan vote.