Posted On: June 28, 2011
Confidence for Greek lawmakers approving the leader of the Aegean nation's budget-cutting measures benefited the Russian ruble as the currency increased in value against the U.S. dollar, Bloomberg reports
The air of goodwill also influenced an increased demand for emerging market assets. The Greek parliament is set to cast votes on Wednesday for a 78 billion-euro ($112 billion) measure that Greece Prime Minister George Papandreou assembled in order to secure additional bailout aid that will help the nation avoid defaulting.
"Market sentiment has lifted," states an email from currency strategist Thu Lan Nguyen of Commerzbank in Frankfurt to Bloomberg. "The Greek parliament is expected to pass today's fiscal plan and progress on a new aid package is being made, which was taken positively by markets."
As the top export earner for Russia, oil also gained in value as confidence for risk appetites grew, Dow Jones Newswires reports
. The energy commodity appears to be on the upswing after scraping four-month lows earlier this week.
The global demand for oil is pertinent to the global recovery from the economic recession, which touches Greece since the nation is in financial peril if it defaults on repayments for bailout funding.
Category: Industry News
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