IIFT Daily Note with Peter Brown

Bond and equity highs remain intact

Posted by:  |  Time: 6:07 am  |  Topic:
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Despite early attempts yesterday the recent highs remain unbroken. 1.2625 held on the Euro and 1330 on the S&P.

Yesterday was quiet due to an American holiday so we saw little action. Greek banks got 18bln to tide them over and this should help a little today.

We are opening in mid range at 1.2530 and 1325. Important today is the Spanish bond yield. We hit 6.5% yesterday and if we head towards 7% today it will be a test of the lows at 1.2480 and 1308

Market overall is still very bearish and as we say sell any rallies.

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