Global macro overview for 21/12/2015:
Markets almost forgot the problems caused by the Greece austerity protesters earlier this year, but now another political problem can arise after the Popular Party has won the elections in Spain. This conservative party can not rule along as it has not got the majority, so the PP leader Mariano Rajoy will have to go into coalition with at least one leftist party. This kind of co-operation is likely to cause huge problems for the country in the continued implementation of austerity and reforms needed to match the eurozone's rules. The inability to find a correct political decision might result in economic instability and political paralysis, which can heavily influence the EUR/USD exchange rate next year as Spain is the 4th largest economy in the eurozone.
So far, the EUR/USD pair is slowly trading above the nearest support level of 1.0795. The next important resistance is seen at the level of 1.0923.
