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EUR/USD Steady Around 1.1250 on Greek Relief

The euro held gains after rallying from an 11-year low amid speculation the victorious Syriza party in Greek elections will pursue its anti-austerity agenda without forcing an exit from the currency bloc.

The Russian ruble closed at the weakest level on record yesterday in Moscow after Standard & Poor’s cut the nation’s credit rating to junk. The dollar rose for a second day versus the yen with the Federal Reserve forecast to raise interest rates this year. Australia’s currency fell after a private gauge of business confidence stayed near the lowest since July.

“They don’t seem to have what I’d view as a far-left goal — it’s not like they’re going to come out and default on all their debt,” said Matt Derr, a foreign-exchange strategist in New York at Credit Suisse Group AG, said of Syriza. “The euro is getting a bit of a relief rally.”

Bloomberg [1]

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