Today's session will be conditioned by Trichet's speech after the probable rate increase (+25 p.b. to 1.50%). If something changes, we believe it could be hinting that the next rise will not be immediate (¿remove the phrase "strong vigilance" to retrieve it later?). The market expects something to that effect and obviously the impact would be rather favorable for bags. Another factor today will be the issuance of Treasury (3 and 5 years), more tense and uncertain outcome of the rating following the drop yesterday to Portugal.
In the U.S. published the ADP private jobs data (100K vs. 54K expected ant.), Which will guide on the official data on Friday. Finally, today, Obama meets with congressional leaders to try to reach an agreement to raise the debt ceiling. This issue may take to resolve a couple of weeks, but may offer a better look today if any concrete progress. Although they are "too many to dodge bulls in San Fermin," we believe that if something changes in the ECB's message might be for the better, the Spanish broadcast will be paid somewhat expensive, but will be placed, the U.S. employment data will be acceptable (but not good) and could begin to see some end to the debate on U.S. debt ceiling. All this should give support to bags, bouncing something. .
In Europe, the uncertainty that is invading the markets is likely to spread from Greece to other countries through which you put to tremble with fear to the market causing a weakening in the euro and thus strengthening the Dollar . These attacks and fears of the market have also been some phases of apparent normalcy that investors have resulted in recovery in confidence and increased appetite for risk, an example is when Greece adopted the reforms to an austere plan, which allowed the IMF and the EU gave the green light to the last tranche of giving strength to the Euro, the stock market and a weakening in the dollar in recent days.
