Weekly Analysis

The new year began showing new lows record for euro against the dollar, the German Bund and for petrol.
The year 2014 is finished with an evident risk aversion and the new year has not started differently. The voting in Greece care markets, in case of victory of Tsipras it could undermine the process of fiscal adjustment in the country if not the exit of Greece from the euro.
The macro data have confirmed the status of the European economy into deflation, the ECB in the name of Draghi has confirmed its intention to politihe maneuvering expansive with purchase of government bonds. In america however, the data show a strong economy and the Fed is ready to raise interest rates in the second half. In fact domestic consumption Americans help maintain high production. Also the cost of oil to a minimum is an important drive for the American confidence.
All this is manifested by the euro which is minimal compared to the dollar, but also against the yen and Swiss franc in light of risk aversion highlighted.