Bundestag Passes Greek Bailout, Firewall Battle Continues
Germanys lower house voted in favour of the Greek bailout on Monday. The yen rebounded to lead the market while the euro lagged. Japanese retail sales are the highlight of Asia-Pacific trading. Japan Jan retail sales rose unexpectedly. Mondays Premium Intermarket trades include 4 charts on US crude oil vs. CRB & multi time frame analysis EURUSD.
Opposition support helped Merkel easily pass a vote on the Greek bailout despite 63% of Germans opposing in a recent poll. There are questions about the vote in the upper house but it should pass as well.
The euro stabilized in US trading. After falling to 1.3366 early in the session, it rebounded to 1.3420. Staunch German opposition to increasing European bailout funds weighed on the common currency. Other negative headlines included a downgrade of the outlook for the EFSF from S&P and the ECBs Nowotny forecasting a mild recession. Spain also said it would ask the EU to raise its deficit target.
Economic data was light with US pending home sales rising 2% compared to the 1% expected.
The story in the session was commodity currencies. USD/CAD matched the highest levels since February but the abruptly reversed as stock market sentiment improved. Month-end flows and pre-LTRO positioning are beginning to have an effect.
Japan Retail Sales
The lone indicator on the Asia-Pacific docket is retail sales at 2350 GMT. The consensus is for a 0.1% decline after the previous 2.5% rise. Lately, the yen has been more sensitive to negative economic news and that may continue.
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