The main focus has turned to Euro-group’s meeting decisions this evening, as market participants remain fairly cautious regarding the Greek debt crisis and the ongoing negotiations between the Greek government and European leaders. European equity markets remained in negative territory with the CAC, DAX, IBEX and the Ital benchmark indices retreating between 0.2% and 1.1%, while the Athens stock index declined 0.3% ahead of any decisions coming out from today’s crucial Euro-group meeting.
The euro came under renewed pressure falling towards 1.132 against the dollar but still held fairly robust above 1.3 during ongoing negotiations.
Crude oil prices extended declines in today’s trading session amid ongoing concerns regarding high crude oil inventories as global oil demand continues to remain fairly sluggish. WTI front month futures plunged towards $50 per barrel, while Brent front month futures hovered around 60 per barrel.
Despite the limited risk appetite in global equity markets, precious metal prices remained in negative territory as gold fluctuated within the recent range of $1200-$1220/ounce, while platinum and palladium extended declines after falling 0.5% and 1.2$, respectively.
It has been a fairly volatile week with muted volumes as investors remain cautious awaiting crucial discussions and key decisions from Euro-group’s meetings. Please note another complicating factor is that it is a bank holiday in Greece on Monday to mark Lent…