The US$ ended last week on a strong note and started the week with more momentum, aided by further Euro weakness. The Greek election has come and gone with anti-austerity Syriza Party winning the largest number of seats with its young leader Alexis Tsipras the winner. The Athens stocks market is down 3.20% overnight. Unsurprisingly, Greek yields have spiking in the first part of this week with pressure on Greek liquidity, along with a much weaker Euro then where we finished at the end of last week. The Euro is trading at 1.1270 this morning having been as low as testing 1.11 yesterday. Selling however was reversed overnight after the release of the German Ifo Survey for January revealed some improvement in business activity in Europe’s largest economy provided some support, following up on the release of the preliminary EZ PMIs for Jan released Friday that depicted some European economic improvement at the start of the year.
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