The passage of another round of economic reforms by the Greek parliament is helping the euro today. While some are still concerned about the euro in the long-term, for now the 19-nation currency appears to be shoring up.
Last week, amid protests, members of the Greek parliament passed a package of economic reforms aimed at appeasing creditors and keeping Greece in the eurozone. Earlier today, Greece passed a second package of reforms. These reforms are necessary if the embattled country wants the option of another round of bailouts.
As a result of these economic reform packages being passed, the euro is heading higher today. The gains have been modest, though, as Forex traders consider what is next for Greece and the eurozone. There is an odd balance of power with these conditions being filled, and it sets a precedent that other countries that might struggle could follow. If enough countries accept the same kinds of measures as Greece, it could eventually lead to a tighter monetary union.
For now, the euro is seeing modest gains against its counterparts.
At 13:32 GMT EUR/USD is up to 1.0961 from the open at 1.0929. EUR/GBP is also higher, gaining to 0.7052 from the open at 0.7000. EUR/JPY is up to 136.0860 from the open at 135.4800.
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