News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.71% France 40: 0.45% Germany 30: 0.41% US 500: 0.05% Wall Street: 0.05% View the performance of all markets via
  • Bruno Le Maire, France's Finance Minister, sees economic growth -15% during second coronavirus lockdown -BBG
  • US equity indices letting out some air since ripping higher in afternoon trade. Eyes on earnings from Apple, Amazon, Facebook, and Google due after-hours. $NDX: +2.54% $SPX: +1.60% $DJI: +0.94%
  • Gold prices have reversed off confluence downtrend resistance but keeps XAU/USD within a broader September range. Get your $XAUUSD technical analysis from @MBForex here:
  • US Tech Earnings After the Close
  • Indeed... because my report was posted many hours ago
  • And a great guest you were too. Thank you!
  • USD/CAD trades to a fresh monthly high (1.3390) as the US Dollar appreciates on the back of waning risk appetite. Get your market update from @DavidJSong here:
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.45% Silver: 0.15% Gold: -0.38% View the performance of all markets via
  • Crude Oil Forecast: WTI Crude Oil Sinks to Fresh Four-Month-Lows
GREEK ELECTIONS: Pro-Bailout Party Leads in Early Results; EUR Rallying

GREEK ELECTIONS: Pro-Bailout Party Leads in Early Results; EUR Rallying

2012-06-17 20:34:00
Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY:June 17 Greek Parliamentary Elections > Outcome Could Determine Greece’s Fate in Euro-zone > Early Results Favor Pro-Bailout Party > EUR BULLISH

The EURUSD jumped to its highest level in three-weeks after early results from the Greek elections showed that the pro-bailout New Democracy party was primed to come out as the victor. Essentially, there were two main parties vying for control of Greece’s government this weekend, with the anti-bailout Syriza party representing the main opposition to New Democracy.

In a sense, and especially given the rhetoric deployed by non-Greek European leaders, these elections were to determine the fate of Greece’s inclusion in the Euro-zone. It boiled down to this: a vote for New Democracy would be considered pro-Euro; while a vote for Syriza would be considered anti-Euro.

With nearly 60 percent of the official vote tally in, results were largely skewed in favor of a victory by New Democracy but without parliamentary majority, the likeliest result according to a broad consensus from citizens and reporters in Greece. Thus far, the results for the major parties show:

  • NEW DEMOCRACY: 30.1%, 130 seats
  • SYRIZA: 26.5%, 70 seats
  • PASOK: 12.6%; 33 seats.

Given these results, it appears that a New Democracy-PASOK coalition would have the majority necessary (163 seats against the required 151 seats) to form a government. However, some concerns remain. Primarily, PASOK officials have stated that they will only be willing to form a “grand coalition,” that is to say, a government involving Syriza as well. According to sources, Syriza leader Alexis Tsipras has already turned down New Democracy’s offer to form a coalition, which in turn should prevent a “grand coalition” from forming.

Ahead of the market open, the EURUSD traded in wide ranges as expected, dipping as low as 1.2521 before rallying up to 1.2733. Should the EURUSD open up at its current level, trading at 1.2703 at the time this report was written, then this would represent a 0.5 percent gain from Friday’s close. When considering how the EURUSD gapped open after the Spanish bailout package was announced – good for gains of approximately 0.9 percent – the result is far less impressive.

To follow developments out of Greece and the rest of the Euro-zone, visit DailyFX’s FX squawk box, the Real Time Forex News Feed.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.