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Market Brief
After a sell-off that dragged EUR/USD down to 1.0955, the euro rallied in late European and Asian session and almost returned to its pre-weekend levels. The pressures on European peripheral bonds have also eased as markets are having a hard time pricing in the outcome of a Grexit. German 5-year sovereign bond yields moved back above the 0.10% threshold, their UK equivalents are back around 1.55% while Spanish and Italian 5-year bond yields stabilised around 1.15% and 1.28%, respectively. Nevertheless, investors remained reluctant to buy Greek 10-year sovereign bonds for now, pushing yields higher to 15.09%. We expect the pressure to be maintained on Greek bonds ahead of Saturday’s referendum in Greece.
On the equity front, yesterday’s sell-off had spread to the US stock markets. The S&P500 lost 2.09% to 2,057, the Nasdaq dropped 2.40% to 4,958 while the Dow Jones was down -1.95%. EUR/USD moved as high as 1.1278 but quickly returned below the resistance lying at 1.1201 (Fib 38.2% on May-June rally).
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