Sydney, Jan 14, 2011 (ABN Newswire) - European nations continued to easily sell their bonds at competitive yields to recent market rates, confirming there is no sovereign debt crisis, according to Clifford Bennett, chief economist at Herston Economics. The US dollar continued its decline, oil remained bid, and Sterling the other market favourite of the week, continued to make strong gains.
The Australian dollar is hesitating due to the floods but can be expected to move sharply higher in coming days, Bennett said. US equity markets paused on job data, but the price action remains positive, with Bennett suggesting next week is likely to see further across the board gains.
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Herston Economics
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