Although the US retail sales added on Friday to signs the United States is recovering, while the borrowing costs fell in Europe last week following the strong auctions, cautious is prevailing as the results of the Greek talks are unclear.
Investors are awaiting the progress of the crucial Greek talks, as the government is trying to reach an agreement with bondholders over the size of the losses in order to avoid a messy default.
Meanwhile in Europe the Euro zone finance ministers will meet in Brussels to discuss the latest offer from private holders of Greek debt, while France and Germany are due to sell short term bonds today.
Data today is absent from both Europe and the U.S., while in Asia volumes were thin as most markets were closed for the Chinese Lunar New Year’s holiday, which marks the start of the Year of the Dragon.
Equities in Asia were mixed today with Nikkei 225 falling 0.01 while the MSCI Asia Pacific Index rose 0.1%. The same goes for the currencies and commodities, while in Europe stocks started the session with losses, where DAX fell 0.24%.
The euro is moving with an upside momentum around the 1.2930 level, the pound is weakening trading around 1.5535, while the yen is weaker at 77.05. However the dollar index is falling trading around 80.20.
While gold is gaining trading around $1670.70, oil is weakening trading around $98.00 as EU foreign ministers will decide today when the embargo of Iranian oil will start, to increase pressures on Tehran to stop their nuclear program.