Are we seeing a solution for the Irish problem?

It seems like the Irish story may be reaching a conclusion. Governor Honohan became the first Irish policymaker to declare that the country would apply for aid. The package will be in the form of a joint IMF/EU loan that will “run into the tens of billions of Euro with an interest rate of 5%”. We’ve been seeing a stronger Euro this morning.

The US jobless claims matched the consensus at 439K, whereas the US leading indicators increased by 0.5%. I think yesterday’s play was more towards the news coming from Europe than the data coming out of the U.S.  For today I think the dollar may just weaken a little especially compared to the Euro.

Data Today:

German PPI – 7am GMT