2015 brings much of the same

<p>The euro started 2015 in a similar fashion to how it finished 2014. Oil continues to trade lower and the euro is trading at a fresh nine-year […]</p>

The euro started 2015 in a similar fashion to how it finished 2014. Oil continues to trade lower and the euro is trading at a fresh nine-year low in the Asian session.

The market remains focused on comments made by ECB president Mario Draghi, in which he highlighted downside risks to inflation and imminent QE measures.

But, it was an article in the weekend edition of the German publication Die Spiegel that suggests that German Chancellor Angela Merkel and her Finance minister Wolfgang Schaeuble believe that the Eurozone has made enough reforms since 2012 to cope with a Greek exit.

This article hints that if the populist Syriza party wins the Greek snap election this month and decides to deviate from the reform programme then a Greek exit from the EU seems far more feasible than seen in the previous crisis.

The market will be looking for a negative print from the Eurozone CPI data released on Wednesday as the US data brings us the December employment report along with minutes from the last FOMC meeting of 2014.

 

EUR/USD

Supports  1.1900-1.1850-1.1710  | Resistance 1.2000-1.2080-1.2160

 

USD/JPY

Supports 119.80-119.00-118.50 Resistance 120.80-121.30-121.85

 



GBP/USD

Supports 1.5250-1.5180-1.5130 Resistance 1.5355-1.5420-1.5500

 

 

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