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Forex - Euro hits fresh 11-year lows after Greece election results

Published 01/26/2015, 02:52 AM
Updated 01/26/2015, 02:52 AM
© Reuters.  Euro hits 11-year lows after Syriza victory in Greece vote

© Reuters. Euro hits 11-year lows after Syriza victory in Greece vote

Investing.com - The euro fell to fresh 11-year lows against the dollar on Monday after anti-austerity Syriza party swept to victory in elections in Greece and pledged to renegotiate the country’s international bailout.

EUR/USD hit lows of 1.1099, the lowest level since September 2003, before pulling back to 1.1204, almost unchanged for the day.

Syriza's victory sparked fears about Greece's future in the euro zone. Party leader Alexis Tsipras has pledged to renegotiate the terms of Greece's €240 billion bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund.

The euro has already come under broad selling pressure since the European Central Bank unveiled a €1.2 trillion asset purchase program on Thursday to combat slowing growth and inflation in the euro area.

EUR/JPY hit overnight lows of 130.16, the weakest since September 2013, before recovering to 132.48, 0.37% higher for the day.

The single currency hit fresh six year lows against the pound, with EUR/GBP dropping to 0.7405 and was last at 0.7460.

In other trade, The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 95.35, not far from Friday’s more than 11-year highs of 95.77.

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