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Euro Falls on Building Greece Instability Concerns Before Election

Euro Falls on Building Greece Instability Concerns Before Election

Shawn Jagpal,

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Talking Points:

  • Euro Falls on Building Greece Instability Fears Before Jan 25 Election
  • EURUSD Falls Below 1.1900 Figure For the First Time Since 2006
  • Follow the Latest Market Developments with the Real Time News Feed

A poll conducted by the Rass polling agency shows that the Syriza party is leading the ruling New Democracy party by 3.1 percentage points. The snap election on January 25 comes after the government failed to elect the new head of state. The Syriza party has said it wants to roll back some of the austerity measures imposed by the IMF and the EU as part of Greece’s bailout agreement. The markets are concerned that a Syriza victory will fuel renewed Greek sovereign debt problems which may – in the worst case scenario – lead to the country’s exit from the Eurozone.

The Euro fell against the major currencies after the polling data crossed the wires. EURUSD fell below 1.20 for the first time since March 2010. The currency pair fell to 1.1860, the lowest since 2006 before recovering to 1.19.

Euro Falls on Building Greece Instability Concerns Before Election

EUR/USD – 5min Chart – Created Using FXCM Marketscope

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