Spain in focus as euro dips

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Confirmation from the Spanish economy minister that Q1 growth will be negative, following a negative Q4 of 2011 has helped pressure EUR/USD to session lows and Spanish stocks down 2% on the day.

Risk aversion in general has risen this morning as traders doubt the EU firewall be sufficient if another debt crisis flares up (as it inevitably will) no matter what the politicians come up with in Copenhagen this week.

EUR/USD dipped as low as 1.3277 on this push, triggering some stops, but more remain below 1.3275.

We trade now at 1.3285.


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Jamie Coleman


  1. hihi Jamie, what is your source on that….?

    Looks pretty important…


  2. … c’mon, growth is growth. Positive or negative. You have to look at the bright side of life …
    tada, tada, tada ….
    always look at the bright side of life …

  3. yes the market is fed up with Greece, and now they turned their attention to Spain, like Greece problems are all fixed up. Pure speculation and short sighted traders.This is why European leaders will never allow a single formal default by an EZ member!!!


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