The Euro edged higher in Asian trading as investors have pinned their hopes on central banks to contain potential repercussions that could arise from the outcome of Sunday’s Greek election. G20 advised that the world’s central bans have said that they will be on standby to take action in the event that Greeks vote for the anti-bailout parties which could mean their withdrawal from the Eurozone. That prospect has rocked the markets in recent weeks, and there is great fear that it could create utter chaos if the outcome is not supportive of the Euro.
As reported at 12:34 p.m. (JST) in Toyo, the Euro was trading at $1.2628 off the week’s high of $1.2672 but holding on to 0.6% gains eked out on Thursday. Some analysts say that the Euro could manage additional gains if the pro-bailout contingent wins Sunday’s election. At this point, however, analysts are reluctant to offer an opinion on the outcome as the voting is certain to be very close. On the other hand, the resiliency of the Euro has stymied analysts who say that the Euro might see an initial hard fall if the outcome is not favorable but could regroup fairly quickly afterward.