Feb 21, 2012

Dollar is Lower Despite News

Dollar lower despite Greek bailout agreement
  • The local unit was trading at 107.38 US cents, down from 107.77 cents yesterday, At 5pm today. 
  • At 7am today, the local unit traded between 106.80 US cents and 107.47 cents. 
  • The bailout deal - which will secure 130 billion euros ($159.7 billion) for Greece - was announced after a grueling session of talks about the attached austerity package. 
  • These measures are aiming to cut Greece's government debt to 120.5 per cent of its gross domestic product by 2020, while the bailout funds will allow the country to avoid defaulting on its debt next month. 
  • Market had already priced in the Greek resolution were said by Commonwealth Bank currency strategist Joseph Capurso. HE also said that the market kind of expected it - the euro's climbed a little bit, but only by about half a cent or so.

Dollar is Lower Despite News

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