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Hardy: Market is underestimating the strength of Greece's position

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Despite the uncertainty following the the Greek election, Saxo's John Hardy says the market has so far been taking the result in its stride. Hardy looks at EURUSD and EURCHF.

Hardy also warns that he thinks the market is underestimating the strength of Greece's position. Although the Troika is the big beast, Greece has an upper hand purely because it owes 240 billion euros. Hardy says it will take some time to reach a deal on what happens next.

Meanwhile, eyes are turning to this week's FOMC meeting. Hardy says it will be interesting given that December's was more hawkish than the market was expecting. Will the FED stay the course or will it blink, he asks. He believes the risk is more to the hawkish side.