The euro rebounded to eight-week high versus the dollar as the approval of Greek austerity measures in the Parliament late on Sunday revived hopes Greece is now very close to receiving a second bailout worth 130 billion euros that would prevent the debt-mired nation from relapsing into default next month as 14.5 billion euros of debt matures.
Yet, the final decision of the aid package in addition to details of the extra 325 million euros of spending cuts will be identified when euro area finance ministers meet on Wednesday.
Jean-Claude Junker, who heads euro area finance ministers, delivered a clear message last week as he said in short, no disbursement before implementation.
Amid the lack of critical fundamentals from major economies, the main concentration remains on the latest developments of the Greek aid package and debt-swap talks.
Concerning the EUR/USD pair, it rose on the daily basis to trade around 1.3260, after recording a high of 1.3283 and a low of 1.3199.The suggested trading range for this week is among key support at 1.2860 and key resistance at 1.3550, where 1.3315 remains a critical resistance, representing the SMA 100.
The U.S. dollar, on the other hand, fell against a basket of major currencies, where the dollar index slipped to a low of 78.60 compared with the day's opening level of 78.92.
The USD/JPY continued to incline after the Japanese GDP data showed higher-than-anticipated contraction of 0.6% in the 4q compared with the revised 1.7% expansion and forecasts of -0.3%.
Currently, the pair is trading around 77.70 after reaching a high of 77.77 and a low of 77.51, where the trading range for this week is among key support at 76.00 and key resistance now at 79.55.
Moving to the GBP/USD, the pair is showing some advance, following the general sentiment in the market, which boosted demand for high-yielding currencies to trade with gains.
The GBP/USD is meanwhile trading around 1.5816 after touching a high of 1.5827 and a low of 1.5756.The suggested trading range for this week is among key support at 1.5370 and key resistance at 1.6165.