Market Overview

European morning wrap: Euro steady as we close in on Greek election


Spanish 10 year govt bond yield hits 7%
Spanish minister Garcia-Margello:  Calls for ECB to ease market tension
Greek bank stocks see sharp rally. Reuters reports that move on market talk that pro-bailout parties likely to win June 17 election
Swiss National Bank:  Will enforce cap on franc of 1.20 per euro.  Prepared to buy fx in unlimited quantities
SNB's Jordan:  Says expect significant slowdown in Swiss Q2 GDP growth
Merkel: G20 to discuss sustainable growth measures
French FinMin Moscovici:  France will meet its 3% deficit target in 2013.   Can do so without austerity cuts
Greek Q1 unemployment at 22.6%, up from 20.7% in Q4 2011
Greece's Syriza won't scrap memorandum - ekathimerini
 German FDP's Fricke: Greece euro future is 'their decision' - Bloomberg TV
German family-owned firms doubt euro - Handelsblatt

EUR/USD sits at 1.2577, to the pip where it sat when I arrived.   We did see a slight sell-off, which reached a session low of 1.2542 as Spanish govt bond yields sky-rocketed.

There have been more reports this morning of Middle East buying into the dips, with SAMA's name very much in the frame.

We sat circa 1.2555 in late morning trade when reuters reported Greek bank stocks rallying strongly on talk that pro-bailout parties likely to win election.  Go figure.  EUR/USD duly rallied back to where it started.

Cable up marginally at 1.5540 from early 1.5525.  However the pairing did get hit pretty hard in early trade, falling to session low of 1.5473 before rebounding strongly.  Talk had a "large corporate" buying aggressively under 1.5500 and this sowed the seeds for the recovery.

USD/JPY continues to see listless trade, fractionally lower at 79.30 from early 79.40.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets


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