Euro Under Pressure From Spain And Greece

Euro Under Pressure From Spain And Greece

It was a cautious night with the Euro and European bourses coming under renewed pressure in European trade as concerns about Greece and its bailout combined with a rise in Spanish unemployment of 2.7% last month so that 4.8 million Spaniards are out of work. Equally a bit of US election uncertainty weighed slightly on the markets as well.

Firstly in Europe the struggles of Greek Prime Minister Antonis Samaras to win a vote to institute the next round of austerity and so secure more bailout funds combined with the Spanish unemployment news to drive German 2 year notes below zero for the first time in a couple of months dragging 10 year bunds lower as well. The Spanish bond auctions on Thursday bears watching particularly as they continue to drag their heals about asking for help with Spanish economic minister De Guindos saying overnight that Spain will make a decision on bailout when ready – So there!