No data releases on Tuesday for the single currency meant the focus was on Greece and their new anti-austerity coalition. The newly elected Syriza party were just short of the 151 member seats needed for an absolute majority. They confirmed their intentions to form a coalition with another anti-austerity party, the Greek Independents, to take control of the House.
Reports have been circulating that the new Greek finance minister intends to negotiate their current austerity measures and bailout package with the International Monetary Fund (IMF) and Eurozone rather than look for a head-on collision with Eurozone powerhouses like Germany. This seem to give the euro a boost. The long term problem will be if Greece successfully re-negotiates the terms of the bailout, other countries such as Spain, Portugal and Ireland could follow suit.