Morning Report: Euro Rallies Despite Syriza Victory

 

eurusd1

 

 

Mon, 26 Jan 2015

  • Far left party Syriza fell two short of forming am outright government in Greece, but they are expected to form the majority share in coalition government. The long term consequences of this development are still unclear, but judging by market reactions so far, election result is hardly leading to euro melt down. The victory was largely predicted with the euro area increasingly insulated from Greek instability.
  • The S&P 500 gapped lower at the open, but is recovering, while the dollar index dips from the highs.

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  • The yen pairs are leading a reversal of sorts, with the EUR/ JPY one of the best performing pairs here.

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  • The dollar pairs are showing a similar reversal, with the EUR/ USD showing some promise.

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  • Gold is sliding back however as the worst fears from last week subside.

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Coming up today:
  • Coming up today we have German Ifo business climate at 09.00.
  • Following this we have UK BBA mortgage approvals at 09.30.
Trade Idea:
  • The EUR/ USD is rallying this morning, despite the attention grabbing Greek election results. The prospects for the euro still remain uncertain in the long term, but in the short term we could have seen an exhaustion low.

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This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.

Summary:

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