Forex Robot: Action Insight Mid-Day Report 3-24-11

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Mid-Day Report: Euro Immune to Debt Crisis, Dollar and Sterling Lower on Data

Euro pares loss versus dollar and sterling as rate view overshadow renewed concern on debt crisis. Portugal bond yield jumped to record high after resignation of Prime Minster Socrates, with 10 year up around 7.9% while 5 year yield touches 8.5%. Both are seen as unsustainable but markets are speculating that Portugal won't ask for a bailout during the EU summit. Irish 10 year yield also continues to make Euro-era high and is stubbornly staying above 10%. But the common currency seems to be getting more immune to news on the debt crisis within Eurozone. Rather, Euro remains firmly supported by expectation of April rate hike from ECB.

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