News Headline Summary

Portugal constitutional court says rejects some austerity measures in 2013 budget

- Some budget elements unconstitutional.
- Declares article 29 not constitutional.
- Rules article 77 not constitutional.

Update details:

- To recap last week the PM said he would resign if the constitution court ruled against the PM's party however he backtracked when accused of pressurizing the courts.

Reaction details:

- EUR/USD immediately fell 16 pips from 1.3008 to 1.2992 following this news.

Print 20:01, 05 Apr 2013 - Economic commentary - Source: Newswires