Equities higher, Euro following
Risk pairs were grinding lower as we waited for Europe to come to play. All of the major indexes opened higher and DOW futures are slightly firmer which is pushing the Euro higher.
On the 15 minute chart we found support at the 38.2% fibo line which comes in at 1.3274. The current bullish target is 1.33128; 1.3274 of the pair can not hold momentum.
Spain’s finance minister says there are no plans for additional tax increases.
Adds that Spain expects a worse contraction in Q1 2012 than in Q4 2011.
Irish PM says there is no contemplation of a second bailout.
Swiss SECO Consumer Climate -6.6%; worse than the 17.4% prior reading.
Japanese household confidence 40.0; better than expected.
Irish PM Kenny says Ireland is close to a budget deficit.
Adds that austerity alone will not close the deficit.
Risk Sentiment Higher
Equities are up a touch with Dow futures +40; Euro is trading off session highs. In the case of the Euro vs. the JPY, the pair has been trading in a tight range for most of the night, unable to break above the 102.42 high.
If we can break through hourly resistance we look to the daily chart for the next topside target which comes in at 102.569.
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