US Dollar Rises In Overnight Trading Up As EFSF Approval Hits Obstacle

The ongoing Yahoo Finance chart of EUR/USD shows it trading down slightly from yesterday’s close at 1.358 as William Watts and Sarah Turner, of MarketWatch report US Dollar Rises In Overnight Trading Up As EFSF Approval Hits Obstacle Slovakia’s Freedom and Solidarity party, or SaS, on Tuesday said it won’t participate in a vote later in the day on the EFSF changes. The move by the junior coalition partner will likely leave the ruling coalition without votes needed to win passage and could lead to the fall of the government after Prime Minister Iveta Radicova tied the vote to a confidence motion in the government. Strategists note, however, that opposition parties have indicated they would support the EFSF changes in a later vote following the dissolution of the government. “Should the vote fail, therefore, it is highly likely to be followed by a second, successful vote and the rapid dissolution of parliament,” said Adam Cole, global head of FX strategy at RBC Capital Markets. “This could happen within a matter of days and possibly as early as today.

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