Mid Session Review: Looking at what i would like to see

Politicians reassurance that a deal on Greece is close kept European markets afloat this morning.

According to Reuters news,French Finance Minister Pierre Moscovici said a deal was just “a whisker away”, while European paymaster Germany said a plan to provide Greece with funding until 2016 was being developed.

Just before the release of the US November final jobless claims, the broader Stoxx50 rose 0.32% to 2,517.63, in the regional benchmarks space the German Dax rose 0.16% to 7,184.36, the Spanish Ibex rose 0.45% to 7,813.40 while the Italian Ftsemib led gainers rising 0.62% to 15,364.71.

The common currency followed a similar path, initially falling 0.5% when the meeting on Greece broke up without a deal, only to recover later to be little changed at around $1.2810. The dollar, meanwhile, continued its march higher against the weakening Japanese yen , rising to ¥82.35 from ¥81.69 and topping the ¥82 level for the first time since early April. The British pound fetched $1.5930, little changed from $1.5927 in the prior session, after initially trading in negative territory. A larger than expected October budget deficit put the pound under pressure, although losses were cushioned by minutes of the November meeting of Bank of Englamd's policy committee. The minutes showed only one member of the nine-person panel voted against the decision to hold the size of the quantitative-easing-oriented asset-buying program at £375 billion; David Miles had called for £25 billion expansion.

Commodity wise the yellow metal rose 0.21% to 1,727.30$ an ounce as gold purchases by central banks were under the spotlight after the International Monetary Fund's monthly statistics reportedly showed central banks in emerging countries increased their holdings in October. Brazil alone raised its gold stocks by 17.170 tons, according to Reuters.

Originally posted at www.77sigmatrading.com