Good morning and welcome to our final daily newsletter of 2014. You will now have to wait until next year, or Friday, until you receive the next exciting instalment.
We finish off the year with the markets focussing on Greece and a term that was floated about a couple of years ago: “Grexit”. Yesterday saw Antonis Samaras fail in his bid to convince a minimum of 180 lawmakers to rubberstamp his candidate Stavros Dimas as President. The fallout from this will involve bringing forward the elections, with January 25th being mooted as the date for this.
The Euro fell to a 2 ½ year low against the US Dollar on the back of this as the opposition Syriza Party are ahead in the polls. The party have said that they will annul the bailout agreement and re-negotiate repayment terms on loans. The gap between the two parties is shrinking and saying one thing in opposition is very different to actually following through with these promises when in power.
On a more familiar front, Russia posted its first GDP decline in five years as the Ruble continued its decline, falling 9% against the US Dollar yesterday.
News out today includes UK house prices and US retail sales.
On behalf of all of us at Currency UK, thank you for reading the newsletter, especially those who give feedback. We are open all day today before closing for two days. We will be back in on Friday 2nd January.
Have a healthy and happy new year!