Going forward into the European session, eyes would be on the performance of the EUR after the 12-year bond sale by Greece flopped, receiving bids for only 390 million EUR on a cap of 1 billion. Not only was this ill-advised; but it has actually revived concern in Greece’s ability to cover its debts and the doubts over self-funding. Traders will keep an eye on the German employment change data which is expected to remain unchanged from last month at 8.2% while the Euro Zone unemployment rate expected at 10% (previous 9.9%) and CPI estimate (expected 1.1%, previous 0.9%) hold greater prominence when it comes to policy decision.
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