TODAY FOREX IN REVIEWS

As Draghi has made his moves to restore confidence in the ECB, European politicos are still squabbling over how to implement further banking oversight across the economic zone. The major division lies between Germany and France for which a disagreement has sprouted with respect to the time table. Notwithstanding these issues, the Greek Government might have to shortly seek another bailout while questions remain about Spanish and Italian applications for a bailout. Major equity indices closed mostly higher, led by the 2.60% rally in the Spanish IBEX. The Italian MIB also rose substantially, gaining 1.02% while the Euro Stoxx 50 climbed 0.94%. EURUSD has slid -0.22% to 1.2952 while GBPUSD is down -0.07%.

Sentiment surrounding the European's leadership address of the debt crisis has led Asian markets mostly lower as concerns regarding output and sales rise. Australia specifically is bearing the brunt of the crisis as their most important trading partner China faces obstacles to development. This also comes off the back of a Chinese slowdown which is impacting prices of iron ore in Australia which is widely expected to drop rates to assuage an overheated Aussie-dollar. The Australian ASX has lost -0.48%, as mining stocks suffer the biggest drops. The Nikkei is also weaker, declining -0.34% while the Hang Seng outperforms peers with a 0.07% rise. AUDUSD is down -0.31% to 1.0425 while NZDUSD has plunged -0.55% to 0.8246.

As investors globally are exploring relative safe havens for spare cash sitting on the sideline, U.S. treasuries specifically have benefited from U.S. investors piling back into government debt. Traders and investors alike are not as concerned with low yields as much as they are interested in preservation of funds. These concerns have risen following the announcement of the latest round of easing which some analysts have pointed to as an ineffective crisis-fighting tool. Indices closed mixed with the Nasdaq outperforming peers with a 0.13% gain. The S&P 500 was mostly unchanged, dropping -0.01% while the Dow Jones closed weaker than peers, declining -0.13%. Precious metals have ticked lower since the open, led by a -1.67% fall in Silver and -0.73% weakening in Gold prices. WTI crude oil is also lower on the threats to global growth, losing -0.57%.
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