Euro Steady With Greek Vote Ahead

The euro was steady at $1.2188 at 8:12 GMT on Monday morning ahead of Greece’s parliamentary vote. The common currency was under pressure ahead of the election as many worried that current president Antonis Samaras’ candidate wouldn’t gain the two-thirds majority needed to become head of state.

The vote will determine whether or not the nation is thrown into a period of political instability, as a failure to elect Samaras’ presidential candidate would mean snap elections in the coming weeks. Also vying for the position is the radical Syria party, which has proposed to exit the country’s bailout program early. Many worry that an early exit from Greece’s bailout would cause further financial problems and could eventually lead to its exit from the common currency. Reuters reported that the vote is due to take place at 10:00 GMT.

Meanwhile, the dollar is expected to move in the opposite direction this week, though trading will likely be thin with the New Year holiday approaching. Several important economic releases are due out this week including the closely watched jobless claims report.

Investors are eager to see labor data from the United States as it is thought to be a major indicator of whether or not the U.S. Federal Reserve is planning to raise interest rates. Fed Chair Janet Yellen has expressed some concern about the labor market in previous meetings, but her remarks at December’s policy meeting have most expecting a rate hike at the bank’s third meeting this year.