Crude Oil and copper also fell sharply 2.7% and 1.4% respectively

The euro started the week slipping as well as the U.S. and Japanese index futures once known the ending of the elections in Greece and the victory of Syriza party, the Coalition of the Radical Left. Crude Oil and copper also fell sharply 2.7% and 1.4% respectively.
The euro dropped around 1% in the first two hours of trading to $1.1098, going to even lower level than 11 years low reached last week after the ECB announced a new QE.
The last days we have sensed an increase of volatility in the markets, as a result of the doubts derived by the Greek elections. The consensus until the end of last week was Greece would extend the duration of its debts and stay in the euro, but with the final victory of Syriza, now it is not easy to predict that they will actually agree to this, and this uncertainty is reflected by the markets.
At the moment the exit of Greece from the euro is just a remote possibility, but the result of this elections only can push euro lower. Depending on how the new Greece government acts in the following months it will determinate also the result of the elections in other European countries due this year, which could add also more pressure to the markets and Europe.

Read the full report: FX Daily