Euro drops to 9 year low amid Grexit fears

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The euro has dropped to the lowest level since 2006, amid concerns of a Greek exit of the eurozone and speculation on the launch of quantitative easing measures by the ECB later this month.

Markets opened with the Euro dropping to 1.1927 against the USD as of 7am CET, as Greece prepared to enter its election in three weeks which, according to incumbent prime minister Samaras will be decisive for its decision whether to stay in the eurozone.

At the same time, initial flash data on German inflation released by Bloomberg suggest that from 0.5% to 0.2% month on month, indicating the persistence of the threat of deflation across the eurozone. Official inflation figures for Germany will be released at 2pm CET.

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