Market Uninspired by Periphery Fiscal Consolidation

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.

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Market Uninspired by Periphery Fiscal Consolidation