US markets climbed as investors shrugged off news from Greece. The left wing Syriza party won the elections and came to power. The party is strongly against the austerity program but shock in the market was short lived and traders believe that the result is unlikely to destabilize the European economy.
Asian markets were mixed today. The Nikkei added 1.72% after the Dollar advanced strongly against the Yen throughout the day, climbing from 117.5 to 118.65. Traders also tracked U.S markets after fears regarding Greece subsided.
European markets are lower today.
Crude Oil declined following the news that the Syriza party won the Greek elections. Today, the price dropped back down and the commodity is now trading choppy. Traders appear to be looking for direction and volatility is expected to remain high unless oil producing countries make an agreement. The API will release inventory data at 9:30pm GMT and could spark short term movement.
Gold declined as traders locked in profits following gains made after the Greek election. In addition, traders appeared to reinvest in riskier assets, ditching the metal for equities. Attention will now turn to Wednesday’s FOMC meeting as investors are eager to learn when the interest rate hike will occur.
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