Investing.com - The euro rose against the dollar on Monday after Greek lawmakers approved a budget for next year, a requirement to continue securing financial aid from European and multilateral creditors.
In Asian trading on Monday, EUR/USD was trading up 0.09% at 1.2721, up from a session low of 1.2716, and off from a high of 1.2726.
The pair was likely to find support at 1.2690, Friday’s low, and resistance at 1.2876, Wednesday’s high.
The euro gained ground on sentiment that Greece agreed to approve an austere budget days after giving the green light to EUR13.5 billion in spending cuts and tax hikes needed to appease creditors.
News that Greece's political circles continue to favor sticking with austerity policies that adhere to bailout terms gave the single currency support.
Trading was choppy, however, as market participants were not expecting European Union officials to disburse EUR31.5 billion in fresh rescue funding due to Greece just yet.
European finance ministers are due to meet later in Brussels on Monday, though they many spend time reviewing Greece's commitment to austerity.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP trading up 0.06% at 0.8000, and EUR/JPY trading up 0.06% at 101.07.
Later Monday, eurozone finance ministers will meet Brussels to discuss Greece and the broader eurozone debt crisis.
Markets in the U.S. and Canada are to remain closed on Monday for national holidays.
In Asian trading on Monday, EUR/USD was trading up 0.09% at 1.2721, up from a session low of 1.2716, and off from a high of 1.2726.
The pair was likely to find support at 1.2690, Friday’s low, and resistance at 1.2876, Wednesday’s high.
The euro gained ground on sentiment that Greece agreed to approve an austere budget days after giving the green light to EUR13.5 billion in spending cuts and tax hikes needed to appease creditors.
News that Greece's political circles continue to favor sticking with austerity policies that adhere to bailout terms gave the single currency support.
Trading was choppy, however, as market participants were not expecting European Union officials to disburse EUR31.5 billion in fresh rescue funding due to Greece just yet.
European finance ministers are due to meet later in Brussels on Monday, though they many spend time reviewing Greece's commitment to austerity.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP trading up 0.06% at 0.8000, and EUR/JPY trading up 0.06% at 101.07.
Later Monday, eurozone finance ministers will meet Brussels to discuss Greece and the broader eurozone debt crisis.
Markets in the U.S. and Canada are to remain closed on Monday for national holidays.