IIFT Daily Note with Peter Brown

Non Fram payroll rally fades

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Despite the lower employment rate of 7.8% the rally in the US equity market failed at 1466. This market is nervous up here especially with a raft of earnings data comming. Euro hit 1.3070 and has sold off 100 points since.

We have a Euro finance ministers meeting today. Greece and Spain are on the agenda. It is looking ominous that Spain will not ask for a bailout and that Greece will not receive an extension to debt repayments. The Euro will only survive with closer political integration and there seems to be no sign of that.

Basically we are heading for further Euro troubles. In the meantime we will be range bound untill the market builds up some steam.

Ranges for now are S&P 1465  1445  Euro 1.3050  1.2880  Gold 1790  1755

 

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