gold still making lower lows and holding to the daily down-trend theme.. no surprise there. Dow slowly crawling higher.. again no surprise. In the Eurozone more attention is being given to Greek financial stability while demand for safe-haven dollars / higher bond yields increase / steeper curve bond yield is both good for US dollar and US stock market. U.S. yields at four-month highs and the steepest yield curve on record signaling investors believe recovery is underway. On a separate note Fitch Ratings warns British and French they are at risk of losing their AAA status unless they map out a clear path to budget discipline over the next year. Bank of Japan stated yesterday their intention to fight deflation. All of which are US dollar supportive.
good link on the Greek financial mess / recommended reading:
Greece hit by strike after downgrade
"Greece's public deficit is set to rise to 12.7 percent of output this year, far above the eurozone limit of 3.0 percent. Debt, now at 300 billion euros (442 billion dollars) is also expected to come to 113 percent of gross domestic product in 2009 against an EU target of 60 percent. "
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