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EUR/USD Gets Greek Confidence Boost

By Alfonso Esparza

The USD continues to struggle after last week’s lower than expected fourth quarter gross domestic product (GDP) figure. Softer data out of the U.S. combined with an optimistic outcome from Greek debt negotiations to push the EUR/USD higher. Newly elected Prime Minister Alexis Tsipras has begun a goodwill diplomatic tour to balance campaign promises at home with stern European expectations. Tsipras and newly appointed Finance Minister Yanis Varoufakis continue to be defiant seeking renegotiation, but have offered an olive branch in the form of a debt swap offer. Commodities have benefited from the drop in the USD as energy and base metals have surged erasing most to the losses of…