Earlier today, Italy’s Monti blamed wider sovereign yield spreads on Spain. Now Spain’s Rajoy is cautioning other European nations to be careful with their comments.
Just another day in paradise.
EUR/USD is opening firmer in NY after earlier assurances from the ECB’s Coeure that it is mulling an exit strategy more than it is looking at fresh accommodation as well as a reminder that the Securities Market Program is still in force and could be used, if necessary. A pretty powerful one-two punch.
Resistance lies up at 1.3171, the broken trendline from last Thursday which has been acting as resistance since.
