Risk 'On' In Asian Session

Market Brief

Following yesterday's vote in Greece, risk appetite was clearly 'on' in the Asian session. USD was sold across the board and regional equities rallied. Following the decent US session, the Shanghais climbed 1.32%, while Hang Seng rose 1.52%. It was yesterday's Greek parliament vote in favor of the latest EU austerity package which was the obvious catalyst. EURUSD traded up to 1.4519 from 1.4427, while USDJPY was unable to hold its gains and fell to 80.78 from 80.87. Even recently maligned commodities got into the action with wti climbing to a high of .44bll. There will be another vote in Greece today, however, this vote is less uncertain than yesterdays. The goal of today's vote is to pass the legislation needed to enact yesterday's spending cuts.

On the economic data front, the light calendar will have trades monitoring events in Greece while enjoying the summer risk rally. For today, German Unemployment change, US initial Jobless claims and Chicago PMI, will be the key data points, while Fed's Bullard and US treasury Secretary Geithner and ex-President Clinton will participant in an Q&A session regarding the US economy.