Despite the pessimistic forecasts, Spain managed the debt on the market this morning in amount greater than expected.

The local finance minister, Cristobal Montoro, has made a statement on the credit market of his country, so the date setting is very important.

This sustainable recovery of the euro during the European session resulted in the upward trend on Wednesday. Of course, the movements are much to do with the excellent performance on the New York stock market; the Dow Jones was closed with 2.31% gain after several days of uncertainty.

The situation in Europe has not changed much for the last hours, as the debt crisis is looming and these debt placements now include France, which seems to have small incentives in finding a sustainable solution.

But June 17 is considered as the key date, as Greece holds new presidential elections. This will probably contribute to the removal from the euro area. The main question is how markets will respond to these circumstances: if the frustration of seeing one of the partners of the euro removed and there will be relief that the family rebel finally retires, the problems will stop.

Meanwhile, the pound sterling is growing on all fronts, following the announcement of monetary policy by the Bank of England that did not only keep the interest rates unchanged, but launched its asset purchase program. The British currency passed through the 1.55 level and is moving towards the new target near 1.57. It may target the area of 1.60. Of course, at that time, the euro must be above 1.28 level.

Yen has slide due to the assumption that the Bank of Japan will provide a new stimulus to the economy, which had been mentioned in previously, with identical effects. Indeed, given the recovery on global markets, the yen is no longer the safe place deflating under the pressure and protests of the local finance minister at the meeting of the G7.

Finally, the oil continues its upward trend, slowly but firmly giving the air to the Canadian dollar. Its price against the dollar broke the 1.0310 level enabling the parity 1 to 1. The Mexican peso also decompressed being away from the lows of last week, after breaking the trend line at 14.15. Presently it targets the 13.68 level.

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