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The Irish parliament will vote on the budget on Tuesday, and it will be very hard for the government to pass the budget. The vote currently depends on two independent members:  Michael Lowry and Jackie Healy-Rae. Both are expected to announce their decision soon.

The Irish Times reports that the budget may face opposition also from within the ruling party, the Fianna Fáil. On the other hand,  the government may get unexpected assistance from an opposition member Lucinda Creighton, who feels it’s also her party’s responsibility to pass the budget.

The budget, which includes painful cuts, is a pre-condition for Ireland getting the bailout program. If the budget won’t pass, the Euro will drop.

EUR/USD is currently around 1.33 in currency trading forex.  For an outlook on European events and a technical analysis, see the euro dollar forecast