Overall risk appetite remained muted yesterday as rising Italian and Spanish bond yields impacted on deteriorating confidence indices in the Eurozone. The latest opinion polls in Greece have renewed worries over a potential Greek exit from the Eurozone. Additionally, the Irish referendum on EU fiscal treaty gets under way today. Across the Atlantic, markets keenly await the revised first quarter GDP data later today.
At home, consumer confidence and housing data released earlier today has surprised market participants on the upside. This comes on the back of better than expected mortgage approvals yesterday and is likely to dampen hopes of further QE.
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