Odds of a Greek debt restructuring are still sky-high, judging by the prices of Greek credit-default swaps but they have eased considerably over the last week.
From a high of 1480 basis points a week ago, we are down to about 1330 basis points today. Not exactly a ringing endorsement for Greek debt but it does indicate a somewhat lower level of anxiety, a plus for the euro.
A minus for the euro this morning is continued profit-taking in commodities and equities. Oil is closing in on $112.00 while gold is at $1542. Traders are chattering about an ugly candle on the S&P index after yesterday’s gap open higher followed by a soggy close…
Offers are seen at 1.4825 and 1.4845 near-term, Support is at 1.4755/70.
