Yesterday, Spain held the first bond auction this year. It turned out to be quite successful as the Spanish authorities attracted €5.8bn even though they had planned to attract €5bn.
At the same time, the mid-term bond yield declined while the 13-year bond yield increased up to 6%. In order to overcome the consequences of a deep economic crisis and to reduce the budget deficit, Spain will have to sell €75bn in bonds.
It should be noted that the Spanish government managed to avoid asking for external financial support last year, if to exclude the program aimed at recapitalizing the country’s banking system.
At the same time the rate of unemployment in Spain exceeded 26%, which is more than twice as high as the average rate of unemployment in the eurozone (11.8%). The official rate of unemployment among the youth is above 50%.
Forex.
The chart below, courtesy of the SRP Department of , reflects the current state of affairs in the market of EURUSD. The price keeps developing wave C of level H1 inside an ABC pattern.
The upward targets are 1.3358 and 1.3396 as well as the 1.3379-1.3423 range.
Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
