Singapore Stocks (SGX) Market News

Overnight, the euro continued its daily rollercoaster ride, as sentiment turned positive on hopes that the Greek government would pass the EU/IMF endorsed five-year austerity package. Finishing the Australian session around the 1.4140 mark, the euro moved progressively higher during both European and US trade, as optimism grew that the austerity measures would be passed. Also buoying investor confidence was talk of several back-up plans being structured should the vote fail. The French government was also doing its part to find a longer-term solution, proposing that French and German banks rollover half of their Greek debt (due to mature within three years) into 30-year Greek bonds with redemptions of another 20% being invested into a special purpose vehicle to act as collateral for banks. The euro is set to remain volatile in the near term while the Greek situation plays out. The pair currently sits at 1.4290. Cameron Peacock, Australia