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- The Single currency could find support versus the greenback to rise to 1.2976 until now with the release of Germane CPI flash reading of May which indicated rising of the inflation pressure over the consuming level more than what was expected to repeat of EU M3 has told too this morning by rising also more than expected increasing the possibility of pushing up the inflation in EU.
- You can find now the optimism of having a closer ending of the Fed’s QE at the price of gold which is traded below 1400$ no per ounce after it had been well buoyed following the credit crisis because of that policy which is still underpinning the assets prices in US and you can see that also at the current unprecedented prices in US equities market which pushed up the risk appetite in Europe and Asia too while the treasuries are still also well-supported watching markedly falling of its yields since the worries about the US labor market has increased with the release of March labor report which suggested continued support by the Fed to it and this stance has not changed even after April report which came better than expected.
- The single currency is still under pressure after yesterday ECB decision to cut the interest rate by 0.25% to be 0.5% saying that was for stimulating the economy while the pricing pressure is strongly well contained currently as the falling of HICP flash reading of April to 1.2% y/y.
- The market participants are still trying to translate the stimulating wave which has been sent out from BOJ last week by showing extending possibility of its JGB maturities holding with doubling the amount of it has of them by the end of 2014 by buying what are from 60 to 70 trillion yen yearly. You can see now the yield curve of JGB 10 years up to 0.53 from 0.45% at the time of these decisions and what’s below 0.5% before them and this can be read by different ways.
- The risk appetite is still depressed by the weak US non-farm payrolls of March which have shown adding new 88k jobs while they were expected to be to 200k from 236 in February have been revised up to 268k. the US major indexes are still in the red territory while the greenback is still under pressure versus the single currency which could have a place again above 1.30 after yesterday rising following Draghi’s comments which ensured that there is no way to use Cyprus rescue plan as a template in other euro zone countries.
- The risk appetite is still depressed by the proposal of Cyprus rescue plan proposal by EU and IMF despite the recent given space to it to get out Eur5.8B anyway out of its banking sector depositors to let it fulfill its previous obligation of insuring the accounts amounts which are less than Eur100k. God willing the voting is planned to be today and delaying it 2 times looking for much more flexibility from EU and IMF and also looking for backing to this plan inside Cyprus while the other option as its President Nicos Anastasiades has said is the bankruptcy of the biggest 2 Cypriot banks at least.