Euro rallies on Greek election results

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Source: Bloomberg
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The 17-nation currency appreciated sharply reaching almost a monthly record high after preliminary election results showed parties supporting austerity got enough votes to lead Greek parliament. Euro climbed 0.5% versus US Dollar to USD 1.2705 in Asian trade, the highest value since May 22. Currently EUR/USD is trading at 1.2712. 
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Mon, 18 Jun 2012 07:09:57 GMT

Chinese home prices dropped in May

The prices of homes declined in 54 of 70 China's city in May, government report showed on Monday. Chinese developers have reduced the prices to stimulate sales, analysts suggest. Prices fell most in Wenzhou posting a 14% drop. Shanghai and Beijing reported a slump of 1.6%. China maintains housing market curbs despite slowing economy pushing PBOC cut the interest rate

Mon, 18 Jun 2012 06:48:55 GMT

French Socialists win parliamentary elections

French President's Hollande's Social Party got the vast majority in parliamentary elections, exit polls indicated on Sunday. The Socialist party took 314 out of 577 seats while its main competitor Sarkozy's Popular Movement gained 228 places. The victory provides Socialists with a control over almost all French political institutions starting from presidency to lower and upper houses of parliament. 

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