China Invests Some Pocket-Change

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I am not sure what investors were expecting but the relatively small purchase of Portuguese debt being purchased by the Chinese ($5B) was not really enough to shift investor sentiment much in the Eurozone. However, I think this is a good sign. The Chinese sovereign funds are not like the US Fed and this may just be the start of a larger commitment to European stability. I would assume that China sees its participation in the Eurozone right now as very much in its best interest and ultimately that is going to be good for the Euro.

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In light trading before the holiday break, the EUR/USD is down again but not below support. We are watching the 200 period MA for much the same reasons most analysts are - self fulfilling prophecy. A bounce at this level seems likely but is not expected until after the break. Most market action is probably done for the week. 

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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