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Euro hits 11-year low after Syriza victory in Greece Euro hits 11-year low after Syriza victory in Greece
(about 1 hour later)
The euro has fallen sharply against the dollar after the anti-austerity Syriza party won the Greek general election.The euro has fallen sharply against the dollar after the anti-austerity Syriza party won the Greek general election.
The euro fell as low as $1.1098 - the lowest level against the dollar in more than 11 years. The euro briefly fell as low as $1.1088 - the lowest level against the dollar in more than 11 years.
Syriza leader Alexis Tsipras has pledged to renegotiate Greece's debt with international creditors.Syriza leader Alexis Tsipras has pledged to renegotiate Greece's debt with international creditors.
He has also vowed to reverse many of the austerity measures adopted by Greece since a series of bailouts begun in 2010.He has also vowed to reverse many of the austerity measures adopted by Greece since a series of bailouts begun in 2010.
"The troika for Greece is the thing of the past," he said after the election result, referring to the country's biggest international lenders - the European Union, International Monetary Fund (IMF) and European Central Bank (ECB)."The troika for Greece is the thing of the past," he said after the election result, referring to the country's biggest international lenders - the European Union, International Monetary Fund (IMF) and European Central Bank (ECB).
Greece's current bailout programme ends in February, and economists say a short term deal will be negotiated, but difficult talks lie ahead.Greece's current bailout programme ends in February, and economists say a short term deal will be negotiated, but difficult talks lie ahead.
"There is a danger of a prolonged stand-off with the Troika as Syriza attempts to negotiate some form of official debt restructuring while not reneging on its promises to voters to cut taxes, raise government spending and increase the minimum wage," said Jonathan Loynes, chief european economist at Capital Economics in a research note. "There is a danger of a prolonged stand-off with the Troika as Syriza attempts to negotiate some form of official debt restructuring while not reneging on its promises to voters to cut taxes, raise government spending and increase the minimum wage," said Jonathan Loynes, chief European economist at Capital Economics in a research note.
The euro last traded at $1.1132, down about 0.8% from US trade on Friday. Further uncertainty
The euro last traded at $1.1169 in Asian trade, recovering some of its earlier losses.
"Until we actually know the exact stance the new party in Greece will take on the debt, we're going to see further uncertainty for the euro," said Jason Hughes at trading firm CMC Markets.
Mr Hughes said $1.10 is a resistance key level for the euro, and if it breaks that then it could head to parity against the dollar.
"The worst case scenario is we see Greek exit from the euro and that's something markets won't respond to particularly well," he said.
Euro pressure
The announcement of a new stimulus programme by the European Central Bank last week has weakened the euro.
Recent weak economic data has also hurt the currency and Ryan Huang, strategist at IG Markets said: "We can't to rule out the macro economic landscape from getting worse and affecting sentiment."