EU Morning Report - Merkel visit to Athens as expected

The euro (EUR) is weakening against most of its major counterparts, following the German Chancellor Merkel visit to Greece. She did not surprise the markets and during her meeting with Greek Prime Minister Samaras, she voiced her support for the structural reforms the debt-ridden nation is implementing but reiterated she will wait for the Troika’s report before making her decision. On Monday, the German Finance Minster Schaeuble said that Spain does not need financial aid, increasing the confusion among market participants regarding the Spanish bailout. European Central Bank (ECB) Executive Board member and Vice President Constancio shared his view that the Outright Monetary Transactions (OMT) program will help distressed nations improve their debt ratios. Today, the Spanish Prime Minister Rajoy is due to meet French President Hollande.

§ Gold (XAU) fell from 1777.45 to 1762.70 US dollars (USD) an ounce.

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