Last Updated : 09 October 2012 at 20:25 IST
‘Commodity markets to focus on euro group meetings’
Source :Commodity Online
The key focus will be on Spain and Greece and while positive progress is expected to be made on both accounts, a number of banks do not expect that the event will provide headlines that deliver a major catalyst for the market.
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LONDON (Commodity Online): With little fresh economic data slated for release, the markets are likely to focus on the Euro-group meetings, said Alex Thorndike, senior trader precious metals and foreign exchange at MKS Capital.
According to R.J. O’Brien, the German Chancellor Angela Merkel travels to Greece for the first time since the crisis began.
“The key focus will be on Spain and Greece and while positive progress is expected to be made on both accounts, a number of banks do not expect that the event will provide headlines that deliver a major catalyst for the market,” Thorndike noted.
He continued that, “a few banks have changed their tune this week and do not expect Spain to be requesting financial aid at this week's meetings, as was suggested in various press reports last week. Rather, (Prime Minister) Rajoy is likely to wait until after regional elections on Oct. 21.”
“Meanwhile, on Greece no major action can be made on the decision to allow more time for the country to meet its goals until the Troika has completed its review,” Thorndike concluded.
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