Spreadex Market Update
A sense of calm returns
For market participants, this latest string of news flow might not be as concerning as it first appeared. While no one debates the severity of the original proposal to Cypriote depositors and the implications to others across the euro area, the market wasn’t a believer. Indeed, the lows were hit on yesterday’s open and prices were then quickly lifted as buy orders came in to disturb sellers away from the market. Markets closed much higher than where futures early Monday morning indicated.
There’s a sense that, owing to central banks’ liquidity backstops and commitment to easing, bad news acts to keep the faucet flowing, and good, so long as it doesn’t temper support, helps improve fundamentals.
But investors will note just how quickly the market currently shifts prices on news flow to little net effect.
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