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Forex Flash: Deep structural reforms lay ahead - UBS

By FXstreet.com,  December 12, 2011, 07:29:00 AM EDT

FXstreet.com (Barcelona) - Monday reaction to last week's decisions has been a "risk off" tone. The most relevant event during the European morning was Italy, Spain and Germany bond auctions. Italy has succeeded in putting EUR 7bln bonds out on the market and keeping the yield from passing above 6%. They have hit a high of 5.952%.

After the Euro summit and ECB measures, "markets have less reason to fear immediate financial market disruptions but it remains clear that deep structural reforms lay ahead", says Chris Walker, stating that growth is harder to obtain under so many austerity measures, despite the rate cut to 1%.




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.


This article appears in: Investing, Forex and Currencies

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