FAST MONEY IN-DEPTH: Surviving Greece - Currency Impact

In the after hours, an historic vote in the parliament of Greece cleared the way for the debt ridden nation to receive another bailout.

By surviving a vote of confidence, Greek Prime Minister George Papandreou has demonstrated to the EU that his majority party can get new austerity measures passed, despite growing public opposition.

That’s important because those austerity measures are a pivotal condition, that Greece must meet to receive the next batch of funds.

Although the outcome was considered extremely likely, now that Greece has cleared this hurdle the chances of a ‘Lehman-like’ financial meltdown are far less likely.

On Tuesday’s Fast Money Melissa and the gang provided in depth coverage of events as they were unfolding and how to position.

Following you’ll find the impact on…. currencies. Or click below for the impact on another area:

We’ve broken it down as follows:
- Impact on Markets- Impact on Currency- Impact on Banks- Impact on Commodities- Impact on Europe’s future- Derivative Trades

Impact on Currency

The desk largely agrees that developments are bullish euro and bearish dollar .

Although the euro has already made gains in anticipation of the vote, Jens Nordvig of Nomura expects “a small extension.” He expects the euro to test 145.

Brian Kelly is also euro bullish. He thinks currency investors will go into a kind of euro euphoria – and although he expects it to wear off – for the time being he thinks the euro trades higher.

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Trader disclosure: On June 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU)

For Brian Kelly
Accounts Managed By Brian Kelly Capital Are Long the Euro
Accounts Managed By Brian Kelly Capital Own (GLD)
Accounts Managed By Brian Kelly Capital Own (SLV)
Accounts Managed By Brian Kelly Capital Own (VIX) calls
Accounts Managed By Brian Kelly Capital Own (VLO)
Accounts Managed By Brian Kelly Capital Own (WFC)
Accounts Managed By Brian Kelly Capital Own (FCX)
Accounts Managed By Brian Kelly Capital Own (ATW)
Accounts Managed By Brian Kelly Capital Own (JPM)
Accounts Managed By Brian Kelly Capital Are Short the U.S. Dollar

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (AAPL)
Cantor Fitzgerald & Co. Is A Market Maker In (AMD)
Cantor Fitzgerald & Co. Is A Market Maker In (BAC)
Cantor Fitzgerald & Co. Is A Market Maker In (CSCO)
Cantor Fitzgerald & Co. Is A Market Maker In (C)
Cantor Fitzgerald & Co. Is A Market Maker In (XLF)
Cantor Fitzgerald & Co. Is A Market Maker In (GS)
Cantor Fitzgerald & Co. Is A Market Maker In (GOOG)
Cantor Fitzgerald & Co. Is A Market Maker In (IBM)
Cantor Fitzgerald & Co. Is A Market Maker In (INTC)
Cantor Fitzgerald & Co. Is A Market Maker In (LNKD)
Cantor Fitzgerald & Co. Is A Market Maker In (XLB)
Cantor Fitzgerald & Co. Is A Market Maker In (MS)
Cantor Fitzgerald & Co. Is A Market Maker In (NM)
Cantor Fitzgerald & Co. Is A Market Maker In (P)
Cantor Fitzgerald & Co. Is A Market Maker In (RIMM)
Cantor Fitzgerald & Co. Is A Market Maker In (WFC)

For Jens Nordvig
**No disclosures

For Sean Egan
**No disclosures

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