Commodity Prices Rising

Notwithstanding the constant stream 1 Min Forex System Review of negativity directed towards the single currency over recent days, the euro has at least stabilised and, in some instances, actually managed to creep higher against some of the major currencies. The EUR is comfortably through the 1.31 level overnight, and EUR/GBP is up at 0.8330. Certainly the encouragement from both China and Japan has helped to steady nerves at a time when the ECB has been steadily accumulating more PIGS debt. Indeed, over the last couple of days, there has been some notable buying by Asian sovereigns with China confirming on Wednesday that it had bought Spanish bonds and would be buying more.

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In addition, it appears that there might be some thawing within Europe regarding the next response to the eurozone debt crisis. For instance, there has been suggestions that the size of the EFSF may be expanded (Germany tried to scupper this notion yesterday), that the interest rate applied to Ireland's bailout may be reduced, that aid be supplied to Portugal and that eurozone bonds might be issued under the auspices of the EFSF. Even German Chancellor Merkel was moved to describe Portugal's deficit reduction efforts as "quite impressive".