The currency markets were pretty exciting yesterday with the dollar losing steam early on but slowly building some momentum on the upside throughout the day. This morning, the dollar has spiked higher as investors start to seek out the “haven” of U.S. Treasuries.

The currency markets continue to be held hostage by the Greeks. As I mentioned in the closing lines of yesterday’s Pfennig, the leaders of Greece’s coalition government reached an agreement on implementing the austerity measures demanded by the EU and the IMF in order to secure a second round of much-needed financing. As predicted, this news caused a rally in the euro (EUR), which reached a high of 1.3320. But eurozone finance ministers said they want to see the measures approved by the full Greek parliament, which is set to vote Sunday. While Greek leaders certainly feel the measures will be passed by the parliament, workers staged a strike in Athens today in order to protest these measures. The EU leaders gave the Greek leaders 15 days to institute the new austerity measures, so they could possibly delay the vote further if they see it has a risk of not passing. But I’m sure they would much rather get this over and done.