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26.01.2015 09:30

Press Review: Euro steadies despite Greek worries


Yuan Posts Biggest Two-Day Loss Since 2008, Nears Band Limit

China's yuan posted the biggest two-day loss since 2008 and sank to a record discount to the central bank's reference rate, nearing the limit of its trading band.

The spot rate traded as much as 1.89 percent weaker than the People's Bank of China's fixing against the dollar and a move to the 2 percent threshold would require the central bank to do one of three things: intervene to support the yuan, cut the reference rate or widen the band. The currency is becoming more volatile as the PBOC gives markets a freer hand in determining the exchange rate at a time when monetary easing in Europe andJapan are bolstering demand for the greenback.



Euro steadies despite Greek worries

(Reuters) - The euro regained a foothold in early deals in London on Monday, investors choosing to take some profit on two days of dramatic losses after the results of elections in Greece sent the single currency to an 11-year low.

The single currency fell as low as $1.1098 after projections showed anti-austerity party Syriza won 149 seats in the 300-seat Greek parliament, setting Athens on a collision course with international lenders and potentially threatening its place in the euro.

However, it had recovered to trade higher on the day at $1.1224 by 0748 GMT. Dealers and analysts in London said the most likely next move was still down but that the European Central Bank's announcement of outright money-printing last week had insulated European markets from the fallout of the Greek vote.

"I think on the day people will look to re-sell 1.1250/60 or less," said Stephen Gallo, European head of FX strategy with Bank of Montreal in London.



Tsipras Wins and Sets Greece on Collision Course With Euro Partners

Greek Prime Minister-elect Alexis Tsipras set up a confrontation with his European peers as he prepared to form a coalition dedicated to ending austerity, saying the era of bowing to international demands for budget cuts is over.

Tsipras issued the challenge to Greece's euro-area partners after his Syriza party won a historic victory in Sunday's elections by harnessing a public backlash against years of belt-tightening, job losses and hardship. Tsipras, who is two seats shy of an absolute majority in Greece's 300-seat chamber according to the latest results from the Interior Ministry, said his priority "will be for Greece and its people to regain their lost dignity."

Even in a fragile coalition, the result hands Tsipras a mandate to confront Greece's austerity program, imposed in return for pledges of 240 billion euros ($269 billion) in aid since May 2010. The challenge now for him is to make good on election pledges including a writedown of Greek debt, while persuading creditors in Berlin and Brussels to keep aid flowing.


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