Market Commentary:  The Greek austerity package was approved over the weekend after an impassioned plea by PM Papademos just before the crucial vote. Now the next step  goes to the Eurozone finance ministers (set for Wednesday). They need to approve the cuts enacted by Greece which would clear the way for the next tranche of aid for Greece to be approved. However,
the next aid decision is not  expected until March.  The news of austerity approval  sent a reported 100,000 to the streets of Greece where rioting took place.  Also still to come is the private sector involvement negotiations which are still unresolved.  There is also a report due out on the Greek debt sustainability from the EU, IMF and ECB.  Making matters even more uncertain is whether Greece will implement the measures in their entirety, and the chance an election as early as April which has the potential of derailing all the efforts. Of course much also depends on the sustainability of the Greek economy to produce enough cuts and enough revenue to be self sustaining. The news of the vote approval, nevertheless has led to a rise in the EURUSD.  The pair is opening the NY session near the 100 hour MA.  This will likely be the bullish above/bearish below line in the sand for traders today as it stuggles with the news headlines.   In other news Japan GDP came out weaker than expectations (fell -0.6% vs -0.3% expected).  The Annualized GDP show a -2.3% decline versus expectations of -1.3%.  The Bank of Japan will be meeting today and again tomorrow and they could consider additional easing.  The USDJPY rose last week and has been consolidating at the top of the range. The 50% of the move down from the October high (post BOJ intervention high) comes in a tthe 77.77 level.  A move above opens the door for  a move toward the 78.06 level (200 day MA).  There is no economic news due out in the US or Canada today.

This is attributed to sources.

Eur/Usd trades at 1.3240, not affected by release

Japan's 4th quarter GDP numbers came in even softer than surveyed, while activity picked up in December based on the Tertiary Industry Index reading improving more than expected.

• GDP Deflator - Survey:-1.7%   Actual:-1.6%   Prior:-2.2%
• Nominal GDP (QoQ) - Survey:-0.7%   Actual:-0.8%   Prior:1.2%
• GDP Annualized - Survey:-1.3%   Actual:-2.3%   Prior:5.6%
• GDP- Survey:-0.3%  Actual:-0.6%   Prior:1.4%

• Tertiary Industry Index - Survey:0.8%   Actual:1.4%   Prior:-0.8%

http://www.guardian.co.uk/world/2012/feb/12/greek-mps-bailout-deal?CMP=twt_gu" rel="nofollow" target="_blank

This article spells process out for today and going forward.

This is a decrease of 10% from last week.