Shawshank, VA 10/11/2011 (PennyPayDay) – The euro was in limbo Tuesday morning in New York, as traders waited on pins and needles for a crucial vote in the Slovakian parliament on approval for an expanded sovereign debt bailout funds.The vote, which was expected to be announced earlier this morning, is being delayed by political infighting.
Still, Greece is now likely to get an 8 billion installment of its rescue plan after getting approval from a troika of lenders that were in Athens inspecting the nation's efforts to get its fiscal house in order.
The euro was steady near $1.36 versus the dollar, unable to build on its gains from the previous session. A week ago, the the euro was at a 9-month low of $1.3144.
Weak U.K. manufacturing data helped the euro sustain its weekly gains versus the sterling. The euro was stable at GBP 0.87 after U.K. manufacturing output posted its weakest annual growth rate for 18 months in August.
The euro was also in a stalemate versus the yen, hovering near Y104.30 after gains in the previous few sessions.
The Eurozone debt crisis has reached a systemic dimension and must be tackled decisively, European Central Bank President Jean-Claude Trichet said Tuesday.
In a hearing on the European Systemic Risk Board, or ESRB, before the Committee on Economic and Monetary Affairs of the European Parliament, Trichet urged national governments to act together swiftly as further delays may aggravate the situation.
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