Major Currency Pairs Analysis: January 27, 2015
ICM Brokers | Jan 27, 2015 03:58AM ET
EUR/USD
The euro held gains against the U.S. dollar on Monday, as markets digested news anti-austerity Syriza party swept to victory in elections in Greece, although concerns over the country's future in the eurozone still weighed. Earlier Monday, data showed that the German business confidence improved to the highest level in six months in January, easing concerns over the health of the eurozone's largest economy. The German research institute, Ifo said its Business Climate Index rose to 106.7 this month, above forecasts for 106.3 and up from a reading of 105.5 in December.
GBP/USD
The pound edged up against the U.S. dollar on Monday, but remained within close distance of recent 18-month lows as market sentiment weakened broadly following Greek anti-austerity Syriza party's election win on Sunday.
USD/JPY
The Japanese yen trade up after official figures showed that Japanese exports rose 12.9% in December from a year earlier, the largest gain in a year, fuelling optimism over the economic recovery. At the same time, the minutes of the Bank of Japan’s December meeting indicated that policymakers are not in a hurry to step up stimulus measures, despite the threat to the inflation outlook from the recent sharp drop in oil prices.
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