The Euro Is Getting Slammed After Syriza's Landslide Victory In Greece
World markets are open again and in the wake of radical left wing party Syriza's landslide victory in Greece's parliamentary elections, the euro is getting slammed.
Near 7:00 pm ET on Sunday night in New York, the euro was down to as low as 1.1112 against the US dollar, a new 11-year low for the currency which was slammed last week after the European Central Bank announced a new quantitative easing program.
US stocks futures were also lower on Sunday night as was the price of oil, with West Texas Intermediate crude as much as 2.5% to $44.45 a barrel.
Over the last six months, as eurozone inflation has tumbled and economic growth has flagged, the euro has weakened against the dollar in anticipation of policy easing from the ECB.
Syriza leader Alexis Tsipras, who appears set to take the reins as Greece's prime minister at just 40 years old, ran on a platform of rejecting the austerity measures that were placed on Greece during the eurozone crisis.
Following Syriza's victory, some have asked if this opens the door for a "Grexit," or a move for Greece to leave the European Union.
In a note to clients on Sunday night, Claus Vistesen at Pantheon Macroeconomics wrote, "Our base case remains that Syriza will make life difficult for the Troika, but also that the risks of a Grexit remain low, even if Syriza is able to form a majority government unconstrained by other parties."
But in immediate reaction to Syriza's victory, the euro is selling off as market's digest the implications of Syriza's victory.
FinViz
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market