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Spain Has Better Control of Deficit than Eurozone

The European Commission and the IMF improve their expectations  for the Spanish economy. They say that Spain has better control of public deficit, in comparison to other Euro-zone countries.

They expect that the public debt will be 69.7% of GDP in 2011, better than a previous estimate that stood on 73%. The Euro-zone debt to GDP ratio now stands at 86.5%.

This report, on El Pais (Spanish link), doesn’t cheer up Spanish bonds yields, that now climb to 5.17%. The ECB will soon publish the amount of bonds purchased last week, and we’ll get to see if indeed Trichet is the hero that will save the day.

EUR/USD now trades at 1.3287, in the 1.3267 to 1.3334 range. For an outlook on European events and a full technical analysis, see the euro dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.