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Under normal circumstances, European markets would anticipate today to be particularly quiet as the US is on holiday celebrating Independence Day; however with both the Bank of England (BoE) and the European Central Bank (ECB) announcing interest rate decisions, traders will still be paying attention.
Although it is unlikely that either the BoE or the ECB will announce any change, it will be the accompanying comments that will be eagerly dissected. There have been rumours that Mark Carney, the new governor of the BoE, could use this as an opportunity to speak, and it is also more than likely that we will hear more optimism from ECB president Mario Draghi.
After yesterday’s volatility in the eurozone sovereign debt markets we have seen things open a little more calmly, although in the ten-year market Slovenia is still yielding at 6.5% and Portugal at 7.06%. Undoubtedly the biggest fear that the EU had was the possibility of a domino-effect being triggered and a number of the other less stable countries seeing their yields creep higher. This is an area that all traders will want to watch carefully over the coming months.