Euro, Risk Trends Left in a Lurch Awaiting EU Clarity, US GDP |
Previous EU gatherings may not have offered us lasting and definitive solutions to the Euro-area's troubles; but they have at least been straightforward. With Wednesday's critical summit, the markets were left scratching their heads. The effect on the the Euro and risk-sensitive assets was clear with extraordinary volatility but a distinct lack of direction. This is a dangerous state to leave the markets in - especially with so many benchmarks on the verge of major reversals or second phase breakouts. Though there are a lot of fundamental concerns going forward (including the upcoming BoJ decision and US 3Q GDP reading); the European troubles will steer this ship... |
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