By Dan Bell
Stocks are off yesterday’s lows with the FTSE up 0.63%, the Dow Jones currently +0.69%, S&P 0.51%.
Rallies are being attributed initially to a successful Spanish bond auction – 2yr bonds hit their lowest level in 7 seven weeks, with double the initial target being sold
Also, Russia pledged at least $10 billion to the Eurozone via the IMF, with President Medvedev saying he may consider additional EU aid..
The EUR/USD saw a low of 1.2955, recovering to be back above 1.30 this morning. The AUD/USD has also bounced off a low of 0.9857 to open around 0.9930 this morning.
The NZD is higher against most major cross rates and opens at current indicative levels- 0.5795 EUR, 0.7590 AUD, 0.4865 GBP and 58.75 JPY.
US CPI data will be the highlight this evening…. Have a good weekend!
-------------
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.