EUR/USD Rallies to 1.1250 Following Greek Vote

The euro rebounded on Monday as investors took advantage of steep losses sustained during two days of dramatic selling, with the final push down to a fresh 11-year low coming after elections in Greece put an anti-austerity government in power.

Following the outcome of Sunday’s vote, the euro hit its lowest against the U.S. dollar since September 2003 at $1.1098 in Asian trading, according to the EBS trading platform EUR=EBS. Greece elected, as expected, left-wing leader Alexis Tsipras of the anti-bailout Syriza party.

Tsipras’s party won 149 seats in the 300-seat Greek parliament, setting Athens on a collision course with international lenders and potentially threatening its place in the euro.

Reuters

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