Markets are mix as several bond auctions supported the high yielding assets to hold on to the gains, where the Greek bonds saw strong demand while yields retreated slightly; however, the pair surrendered then some of the gains after the European Central Bank reported that overnight deposits rose this week to all-time record.
While the German Chancellor Angela Merkel will meet today the IMF’s managing director Christine Lagarde in Berlin to discuss about Greece. while Merkel and Sarkozy stressed the need of quick solutions to ease Greece’s debt burden.
However, still there are some concerns regarding the European debt crises, as the global recovery is not yet clear, Thereby European shares rose after Alcoa gave a good start to the earnings season, with DAX gaining 2.4% while CAC inclined by nearly 2.6%.
As sentiment improved somehow, demand for higher yielding assets is increasing, the euro is almost unchanged at 1.2775, while the pound gains trading around 1.5491.
The USD is moving with a downside momentum around the 80.82 level, while the yen is almost unchanged at 76.82. The AUD gained significantly trading around the 1.0325 from the opening at 1.0236.
Commodities found support today from the good start in the earnings season, where gold gained trading around $1638.80, while oil rose again above the $102.00 level trading at $102.98 on continued worried over Iran and Nigeria.
Originally posted here
