The euro extended its gains against the dollar today after the Italian Parliament approved the budget bill and on the signs that the problems with the transition of power in Greece and Italy were resolved.

The positive outcome of budget voting demonstrated that Italian politicians are able to disregard their disagreements in order to support the nation and its economy. The is speculation that a new government lead by former European Union Competition Commissioner Mario Monti is ready to take power. Greece also resolved its problems with leadership and former European Central Bank Vice President Lucas Papademos is ready to take office of prime minister.

EUR/USD rose from 1.3611 to 1.3649 as of 13:37 GMT today after earlier it fell to 1.3577.

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