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London Market Wrap

Posted by Joseph Trevisani on Feb 18, 2013 8:37:00 AM

EURO

February 18 Monday

The market was quick to react to a brief and unsubstantiated rumor that central bank intervention was possible to support the euro. The euro rose sharply to 1.3378 from 1.3337 (+41 points, 9:25am GMT). There was no confirmation of the rumor nor was the price action sustainable.

Rates eased down back to 1.3340 shortly thereafter, and following the comments from Bundesbank board member Andreas Dombret who said it was far too early to say the Eurozone crisis is over.

In a draft speech to be delivered today at the Bundesbank reception in Hamburg, Dombret said that “Uncertainties on financial markets are flaring up time and again.”

“In my view it is way too early to give an all-clear.” “Eurozone member states must continue to implement the necessary structural reforms and consolidated measures.”

ECB President Mario Draghi will hold a press conference today at 2:30pm GMT. The market will be thin today with many U.S. participants away for the U.S. President’s Day holiday.

Chris Advincula

Market Strategist

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