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Overview
SYRIZA’s victory at the Greek snap election over the weekend continues to be at the forefront of macro-economic news in a session which has been light in terms of data releases. In the Asian session, EUR/USD saw a bout of selling pressure falling below 1.1100 for the first time since 2003 following confirmation that the anti-austerity party had gained control as earlier polls had previously indicated. However, during the European session EUR/USD has been notably stronger with market participants deeming the overnight and ECB QE inspired sell-off as overdone resulting in EUR/USD to retrace its overnight losses. EUR/CHF also gained on the session to trade back above parity amid speculation that the SNB has intervened in lieu of the recent ECB and SNB action.
Elsewhere, GBP/USD has been bid following hawkish comments from BoE’s Carney and Forbes stating that they are encouraged by the growth of the global economy and expect rake hikes to occur earlier than what the market expects. The escalation of tensions this weekend between Russia and Ukraine sent the RUB to session lows against the USD with President Obama and the German Foreign Minister hinted at renewed Russian sanctions if Russia continues its bullish rhetoric against Ukraine.
Looking ahead, with the absence of notable data releases today in the US, tomorrow’s data slate sees UK GDP, US Durable Goods, Consumer Confidence, API Crude Inventories and Richmond Fed. Manufacturing Index.
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