Richard Perry
Independent Analyst
After the “positivity” over the actions of the ECB last week, news from Greece over the weekend that the anti-austerity Syriza party has won the election has caused some Monday morning jitters on the financial markets. However the reaction to this news has not been as dramatic as it would have been a couple of years ago. With Asian markets fairly mixed, so far equity markets in Europe are only around 1% to 1.5% lower, whilst the euro remains weak anyway. With a general acceptance that the European banking system is far better capitalised now, this may reduced the bargaining power on the Greeks as and when they come to attempting to renegotiate on the debt of their €240bn loan. Furthermore, the price of gold which might have been considered to be a safe haven investing choice is currently slightly lower. In forex trading, the euro is actually trading around the flat-line whilst cable is slightly higher. Although the major commodity currencies (CAD, AUD and NZD) are trading slightly negatively against the dollar today, we are still to see whether there will be a decisive reaction.
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