· For those who
have not read the sports headlines, Spain thrashed Italy 4-0 in the Euro finals,
could this be a positive turning of tide for Spain including their debt crisis
sues and economy?
· Risk appetite
is definitely back on as most risky assets have gone back up- this was kick
started last Friday with the agreement from EU
· Treasuries
fell, pushing up 10-year yields the most in almost three months, after
euro-area leaders expanded steps to stem the bloc’s debt crisis, damping demand
for the safest assets
· Spanish and Italian
notes rose for a second week as euro-area leaders expanded steps to stem the
debt crisis by easing repayment rules for emergency loans to Spain’s banks and
relaxing conditions on potential help for Italy
· The Italian
two-year yield dropped to the lowest in a month after leaders of the euro
nations also scrapped the requirement that governments get preferred-creditor
status on crisis loans to the country’s banks
· German 30-year
bunds dropped for a fourth week as optimism the financial turmoil will be
contained reduced demand for the region’s safest assets
· USDMYR also opened
lower this week at 3.1650-3.1700 as we continue to see support at 3.1400 and
resistance at 3.2000 in the short term
· News headlines
are likely to drive the markets again this week with BNM meeting on Thursday,
we expect no change from BNM and also the US jobs data which will be more
crucial
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