By Marc Chandler:The market has shrugged off the disappointing eurozone PMI to take the euro to a marginal new high for the week, and again mapping transversing the range of about $1.3140-$1.3500. Sterling too rose through yesterday's highs, albeit briefly, though failed to take out the week's high set on Wed near $1.5923.

While this price looks impressive, color me suspicious. The Australian dollar, which to my chagrin led the move lower, has not rebounded as convincingly and is struggling to sustain the thrust back above $1.04. The underlying impulses remain problematic.

As Greece delays their bank recapitalization until next month (after earnings), the Greek new 10-year sovereign bond has sold off, with yields hitting 20% for the first time since the swap near midday in London. Italian and Spanish bonds remain under pressure as they have all week. Lastly, note that the US-German 2-year spread has is a little more than


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