Forex News – Greek New Democracy Party takes lead, helping boost euro

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Greek elections held on Sunday went smoothly, with early vote projections showing the pro-bailout New Democracy taking the lead. Results from Greece’s Ministry of the Interior so far with 70 percent of the votes counted late Sunday night in Athens, show that  New Democracy , headed by Antonis Samaras, has 30.14 percent of the vote, left-wing SYRIZA is in second place with 26.47 percent, and Socialist PASOK followed in third place with 12.58 percent.

Antonis Samaras said Greeks had voted to stay in the euro, and called for a “national salvation government”.

Samaras also said Greece would “honour its obligations”.

The results so far are positive far for the markets, especially for the euro and risk currencies. These opened higher at the start of Asian trading on Monday, with most major pairs opening with a gap higher compared to Friday’s close.

AUDUSD hit a five-week high of 1.0112, while EURUSD gapped higher at 1.2699 versus the Friday close of 1.2636.

The single currency remains vulnerable though because there is still uncertainty how the coalition government is going to look like.

Germany has so far shown satisfaction with the Greek vote. German Finance Minister Wolfgang Schaeuble said the results show Greece’s commitment to the reforms demanded as part of an international bailout for the indebted country.