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Still Hanging to Short-Term Constructive Euro Outlook; Oil Also Interesting
There is very little to talk about into Tuesday and markets seem to be locked in a holding pattern ahead of the EU Summit on Thursday and Friday. Still, if there is one direction in which markets have been aligning, it has certainly been in the risk off direction as any headlines that have surfaced over the past 24 hours have been negative. Moody’s downgrade of 28 Spanish banks, Merkel’s opposition to Eurobonds, Cyprus officially requesting a bailout and the Greek FinMin resignation have not helped to bolster risk appetite in any way, and this has resulted in some pullbacks in the Euro below 1.2500 and a sharp ... (full story)
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