The Czech koruna stayed relatively calm and ignored correction of the zloty and the forint. Especially the forint remains somewhat vulnerable as it needs to secure further assistance from the IMF. Furthermore, it faces temporary freeze of EU funds.
Hungarian spokesman András Giró-Szasz tried to calm down the fears. He said that according to the Ecofin, finding additional savings in budget is merely a technical issue and if the government takes appropriate corrective action, sanctions may be lifted soon. N Read more…
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Key Items: US Weekly Jobs, Empire PMI, PPI, Philly Fed.
Today sees a number of closelyfollowed U.S. data releases strong data presumably would be a weight on fixed income prices.
The domestic discussion in the U.S. has been on portfolio shifts out of bonds and into equities as the economy improves. On this score, keep a close eye on U.S. economic reports. The spotlight has squarely been on the the 10yr note yield which is 2.30% vs. a 2.01
The Euro suffered again overnight as reports in various papers talking up the possibility of Greece badly missing their deficit targets. The news has caused another shift out of the Euro as investors have looked for safer places to invest their funds. The articles, if proven true, will add yet more pressure onto the rest of Europe with major doubts already surrounding the success of the latest bailout for Greece worsening.
However, unlike when Greece was still seeking this bailout, the US Dollar hasn’t been the sole beneficiary. S