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Greece passes bill to unlock further aid

FXstreet.com (Barcelona) - The Greek government ratified on Sunday new reforms in the country's law in order to meet requirement set by international lenders to receive an additional €8.8 billion in loans from the EU and IMF.

The bill passed without much opposition, with the total counting standing at 168 vs 123 votes, after being backed up by the three parties that form the current Greece ruling coalition government.

According to Greek finance minister Yannis Stournaras, cited by Reuters, the European Union is due to approve a delayed €2.8 billion($3.65 billion) in rescue loans, with a further €6 billion payment due on May 13 when EU finance ministers meet again.

The new controversial law promotes an easier procedure to lay off government employees on bad conducts, extends the property tax, and inflicts further pain to the population on other unpopular measures.

Forex: EUR/USD edging higher after new Italian PM elected

FXstreet.com (Barcelona) - The EUR/USD is drifting higher during early trade in Asia, gapping up 36 pips from the previous close and currently trading at 1.3063. The pair seemed to get a boost from the news of Enrcio Letta being elected as the next Italian Prime Minister. The economic calendar during the coming Asia will be light with both Japan and China closed for holiday.
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Forex: USD/JPY leaking lower during quiet Asia session

The USD/JPY is trading in a narrow range during the Asia session, down 13 pips at 97.78. The pair traded as low as 97.55 last Friday, before finding firm support and edging off the lows later in the day. Trading will be thin in the coming session with both Japan and China closed for holiday. The latest COT report had few interesting Yen developments worth pointing out.
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