The “EUR is dead” brigade have gone quiet now and asset managers are plunging back into high-yielding peripheral EZ debt. Last year you’d have been considered mad to buy the stuff and now you’re considered mad if you don’t! Recent economic news out of the EZ has been less than dire, which is a definite improvement, and the market is now looking for reasons to buy the EUR.
That’s why economic releases such as Spanish jobs data is always a chance to move the market. We are expecting a big improvement on last time, with the economy expected to have added 150,000 new jobs. Let’s hope so, they’ve done it hard enough for long enough.