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Investors continue to monitor the bond auctions in Spain. Spanish and Italian bonds are of greatest interest. After Spain sent the official request of the bailout and the Sovereign credit rating of the country was downgraded by Moodys, the demand for the bonds of Spain is sliding down, and consequently, the yield is ascending.
On Tuesday the auction finished with selling of the debt in the amount of 3.1 bln euro. The negative situation persists as the yield keeps increasing.
Under the circumstances only the quote rate of the common unit is falling. During the previous session the euro declined versus the American dollar by 60 pips to 1.2460.
The analysts consider that the bearish sentiment will remain in the market today as well. The further trend will be determined by the results of the European summit which is planned for June 28-29.
The questions to be solved first will be the issue of the Spanish economy and the development of recommendations for its recovery.
