In the absence of any really bad news and in anticipation of an interest rate cut by the European Central Bank, the sentiment for risk has returned with a corresponding increase in yields.
U.S. markets are quiet today because of the 4th of July holiday and there is no Canadian or American data.
There is some encouraging news out of the Eurozone with Spain reporting a significant drop in June unemployment figures. Hiring for the up-coming tourist season trimmed the jobless rolls by nearly 100,000 – a 2.1% reduction. And, despite on-going austerity and government cuts, Eurozone retail sales egded up 0.6% in May. However, Y/Y sales are down 1.7% and the continuing debt crisis will have a lasting affect on consumption.
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