The kneejerk reaction in EUR/USD was lower but it’s bounced back because the first details coming out are things like this:
- The court rejects cuts in pensioners and civil servants holiday bonus payments
What are holiday bonus payments? People get bonuses for going on holidays? And that’s enshrined in the constitution?
There could be some more euro volatility as the market sorts through the details but these headlines just crossed on Reuters.
- Portuguese constitutional court upholds measures on tax brackets with the largest austerity impact
- Portuguese constitutional court upholds ‘solidarity’ tax on pensions
