Spain Euphoria Fizzles Out

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The rally in the Euro lost steam yesterday as rising Spanish and Italian bond yields brought the sovereign debt concerns to the fore. The Spanish 10 year bond yield rose above 7%, the most since the Euro was introduced in 1999 and at levels at which Greece, Ireland and Portugal had to request for financial aid. At the G20 meeting, emerging nations, including China and Russia, came out in support announcing contributions to boost the IMF’s crisis firewall.

At home, consumer price inflation data released today has shown an easing trend, facilitating further QE by the Bank of England to aid the ailing British economy.

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Spain Euphoria Fizzles Out

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