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Risk Sentiment Weighed Down But Overnight Data Tempers Declines

The fallout from the aggressive risk liquidation seen in Friday trade has rippled into the early week and markets remain under pressure as fear of contagion in the eurozone intensifies. The question of whether Greece will receive its next tranche of Eur8B is the key focus, and the added news that the country will miss budget deficit targets set out just a few months ago, despite a wave of austerity, has not helped matters. A slew of better than expected PMIs across the eurozone and UK have been the only saving grace on Monday, with risk sentiment and US equity futures propped for now on the marginally upbeat data.

Joel Kruger has over 10 years of experience in the currency markets in addition to his background in law. Blending fundamental and technical analysis, Joel’s reporting considers a variety of economic and financial cross-currents to give trader a comprehensive assessment of forex market activity. Joel covers the European and Asian market sessions for DailyFX.