Spreadex Market Update
Another day of low volume
Another day of low volume could provide some volatility today especially if the Italian debt auction and US jobless claims and home sales can give any surprises.
The euro stabilizing below 1.30 after its sell-off yesterday signals investors are still cautious ahead of the Italian debt sale this morning despite a successful shorter-term maturity auction yesterday.
No doubt the debt crises will cause further setbacks in the coming months although the feeling is these hitches will have a diminishing impact now the banks are recapitalized, governments have endeavoured to provide greater deficit transparency and the ECB have promised unlimited liquidity.
A successful longer-term Italian debt auction today will instil further confidence in the handling of the situation and help alleviate any dangers of a euro break up.
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