Thursday, Feb 23rd
Last update:01:05:55 PM GMT
With each passing day it becomes harder and harder to write an insightful comment...
The market is little changed from where we were yesterday and the pattern continues. The small exception right now is that stocks are leading currencies for a change and the commodity complex looks overdone.
The above-50 spell in the Composite PMI for the Eurozone was short-lived as it lasted all of one month, January. This morning's (advance) report for February showed that the composite index declined to 49.7 from 50.4 a month earlier and 50.5 expected.
Market Brief
Risk appetite has been slightly increased during the Asian session, sending equity indices marginally higher and providing EURUSD with time to consolidate gains. Clearly the market is still digesting the implications of the Greek bailout package.
Key news
Chinese HSBC manufacturing PMI improved slightly for the third month in a row
Talks between Iran and IEAE have failed to ease tensions as Iran has denied IEAE access to a suspected nuclear-related military base
USD/JPY traded above 80 in the early morning hours for the first time since August.
EUR: Euro is currently trading at 1.3231 levels. Risk sentiment loses steam after the bailout package was approved as the news was already priced in and the market participants are concerned that the Greece new austerity measures will not be implemented in full and it is also likely to put Greece into further recession.
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