The ECB kept the refi rate unchanged at 0.75% and the uneventful Draghi press conference showed much uncertainty in regard to â€œwhat nextâ€. US initial claims dropped from 363K to 355K in the week ending at November 3, but the reading must take in account Hurricane Sandy. The US trade deficit narrowed from $43.79B to $41.55B. EIA natural gas storage in the US eased from 65B to 21B in the week ending at Nov-2.
France and Germany saw imports and exports contracting further in September, but both French deficit and German trade surplus narrowed. The Spanish government selling a total of â‚¬4.763B out of a â‚¬3.5-4.5B target of 2015 (â‚¬0.992B at 3.660% - previously at 3.956%), 2018 (â‚¬3.04B at 4.680%) and 2032 (â‚¬0.731B at 6.328%) bonds. The Bank of Italy reported that bad loans have risen -15.3% in last September.
â€œYesterday's sell-off bottomed at 1.2737 and current rebound should be considered corrective, preceding next slide to 1.2680-90â€, wrote Deltastock analyst Stoyan Mihaylov, pointing to resistances at 1.2785 and 1.2830. â€œCrucial for the whole downtrend from 1.3139 high is already 1.2875â€, he added.
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