Market Summary

Markets showed a mixed reaction to Greek news. As expected, the radical left-wing Syriza party won the Greek elections but came just short of an outright majority. Asian and European markets experienced little to no reaction as the results was likely already priced in. However, the more active price movements were witnessed in German 10-year bond yields and the Euro. The former fell 1.4 basis point to a record low of 0.34%, while the common currency first dropped towards $1.11 and then rebounded into the mid $1.12 range. Nonetheless, the Euro continues to face downward pressure against the Dollar as the two region’s economies continue on the path of divergence.

US Markets

No major economic releases are due in the US today. Trading activity might be subdued ahead of the first FOMC meeting on the year which will begin on Tuesday.