Markets Lose Enthusiasm, Euro Dips - 11.6.2012

The Euro did not manage to hold its ground against the US dollar and erased the positive jump at the opening of Monday's trading. The rescue plan for Spanish banks was quickly discounted and the initial excitement in the markets has disappeared. The Euro fell to the support level 1.2516 from resistance 1.2668, that was reached earlier today. The Spanish 10-year bond latest data show that the yield rose by 20.9 basis points, initially it fell to 6.032 per cent and then increased to 6.428 per cent, a 4-day high. Additionally, earlier enthusiasm and increased risk appetite was offset by the nearing Greek elections on Sunday, the 17 of June, where the outcome is uncertain, raising concerns that Greece may exit from the Euro-zone.