Although Spain and Portugal proposed massive austerity measures to reduce deficits, the market cast doubt over implementation and the potential slowdown on Eurozone’s growth. The euro plunged below the 14-month low made last week against the dollar and closed at 2.253. Crude oil also dropped with front-month contracts of WTI and Brent losing -1.65% and -1.34% respectively.
Original post:
Market Uninspired by Periphery Fiscal Consolidation
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