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News and Overview of the European Economic Zone (UK)

GBP / USD Potentially Stronger Post-fading prospects QE2 UK

Wednesday, July 20, 2011

Pound sterling currency pushed up, having indicated the lack of quantitative easing program opportunities. Regarding interest rates, seven members of the MPC board chose not to change interest rates, while two others chose to raise interest rates such as estimates of the market.

Minutes of the MPC meeting showed the board members are reluctant to raise interest rates and tend to wait for the inflation rate declined at the same time the UK economy has no room QE2. This is the major factor supporting rising currency pair GBP / USD to as low as 1.6140 from 1.6067 lows today.

Based on the study of technical, intraday bias remains neutral in the short term, especially after the price has not been out of the triangle formation on the graph H1. The top line of the triangle in the range of 1.6195 is still a strong resistance area, aggressive trader can put his short-selling positions in the area with tight stop loss.

On the bawahmya, the nearest support level at 1.6060 area, fell under the area could trigger further bearish pressure lanut testing key support area 1.5990 - 1.5950 and transform into a bearish intraday bias.

News and Overview of the European Economic Zone (Switzerland)

USDCHF Fighting Hard Switching from Bearish Trend

Wednesday, July 20, 2011

USDCHF could continue its bullish correction this morning, touching 0.8259, but traded lower at 0.8212 so far.

The bias remains bearish in the short term, with a good level to put short selling in the range 0.8230 & 0.8270 with tight stop loss, because the translucent over the area may threaten the bearish outlook and potentially continue the upward correction.

On the bottom side, the nearest support level at 0.8190, fell below that area could trigger further bearish momentum to test 0.8080 area and even record low 0.8020.

News and Overview of the European Economic Zone

Risk Barometer Up to Record High

Wednesday, July 20, 2011

Benchmark currency traders fear getting jumped indication of the expectations index volatility euro swiss franc exchange rate which reached levels of 14.8, the highest in the last 2 years.

The increase in foreign exchange risk barometer is due to fears of further against European debt problems and negotiating loan ceilings increased U.S. government is hampered by political negotiations.

A week ago, these volatility expectations index was above 14 memroket from level 11.5, as the European financial crisis that has been running 15 months began to appear clearly in Greece, Ireland, Portugal and Italy as well as the risk of spreading the material into Spanish.

So far the increase in demand for option contracts 'bearish put' to the euro the dollar ahead of an emergency meeting of European results indicate the position of the investors are ready for the worst scenario. However, on the one hand, this can also affect the opposite if the European leaders managed to calm the markets and investors, the euro can go back, especially against the Swiss franc soared.

In the pair USD / CHF itself technically, indicating a bearish bias in the short term, where the 0.8230 - 0.8270 is a good enough level to put a short position with stop loss sell short, because the upward movement is still tentative, but if successful could stop the translucent above 0.8270 current bearish outlook.

On the bottom side, the nearest support level at 0.8190 area. Fell below that area could trigger further bearish momentum after the next technical target at a record low level of 0.8080.

Gold try to Preserve Records

Tuesday, July 19, 2011

Dekar stable gold record high, 1609.75, due to widespread fears of debt crisis in Europe and the U.S.. Interest in safe-haven gold might not be maintained over the completion of the euro-zone debt crisis, while the White House still has not reached an agreement with Congress to raise U.S. debt ceiling.

"If you see progress in talks for debt investors should do short-term profit-taking before," said Ong Yi Ling, an analyst at Phillip Futures. The market also continues to monitor developments in Europe, where governments and banks struggling find a solution to the new bailout Greece. Gold in the long-term prospects remain bright, Ong gold target even reach $ 1650 and $ 1700 to closure in 2011.

Gold rose for 12 consecutive sessions, the longest rally in the last four decades. However, technical analyst Wang Tao told Reuters on gold may experience a sharp correction as to achieve short term target at $ 1613. "Buyers are hesitant and wait for correction to re-enter the market," said a dealer in Singapore.

Asian Economic News and Review (Hong Kong)

Hong Kong shares closed Higher; Rebound End Session Driven Strengthening the European Exchange

Tuesday, July 19, 2011

Hong Kong shares rebounded Tuesday afternoon, boosted by a strong opening in European stock markets, but investors remained cautious over the outlook for the local bourse amid the foreign debt problem continues.

"Market rebound in late-day trading a bit surprising," said Tanrich Securities investment manager Jackson Wong. "Maybe there is hope that the U.S. debt ceiling or a debt crisis, the Euro will be a little better tonight," he said, noting the Hang Seng index rebounded in the last hour of trading possibilities is driven by the positive opening of European markets. Euro Stoxx 50 rose 1.3% to 2656.74 at 0730 GMT as investors look for deals after recent losses, but traders warned that profits may be only temporary.

Blue Chip Index Hang Seng rose 97.65 points, blue, or 0.5%, to 21,902.40 after trading between 21,611.16 and 21,909.54 points during the session today.

Market volume totaled HK $ 61.10 billion, up from HK $ 51.21 billion on Monday.

Analysts expect the index will be traded in the range of 21,100 to 22,800 points for the rest of this month because investors tend to keep focused on U.S. and European debt problems.

Hong Kong investors generally remained jittery over the prevailing global debt problem. "The market caution over the condition of the US-and European debt crisis and unless there is a significant breakthrough seen, the Hong Kong stock exchange (probably) remain weak and the range-bound," said South China Securities in a report.

China Mobile is the largest contributor to this rise in blue chip index, closed +1.3% to HK $ 72.35. Stocks boosted by Wall Street Journal reported that Apple's getting closer to offering the iPhone through China Mobile.

Li & Fung's worst-performing blue chips, dropped 3.6% to HK $ 13.48 as profit-taking after a 5.9% rise in three consecutive sessions.

Citic Pacific recovered from intraday low of HK $ 16.52 to end up +1.0% at HK $ 17.00, rebounding after falling 8.5% Monday, as further delays in the production of conglomerate iron ore project in Australia, but the cost of food will tune of $ 900 million again.

Citigroup set a Buy but cut its stake in Citic Pacific target price to HK $ 22.00 from HK $ 24.50.

News and Overview of the European Economic Zone (Portugal)

Portugal Losing Patience In Europe

Tuesday, July 19, 2011

The new Prime Minister of Portugal Pedro Passos Coelhom, stating his complaint to the President of Eurogroup Jean-Claude Juncker. This is quite reasonable considering the European Union's response is quite slow in providing aid to the EU member states are heavily in debt.

Portugal the higher unemployment figures along with swelling debt, so far observed level of unemployment reached 12.4%, while the Spanish at the level of 20.9%, Greece 15%, Ireland 14%. High unemployment causes productivity to deteriorate, the public debt reached 330% of GDP, one of the largest in the world.

Germany's biggest lender actually exacerbate the situation by forcing Portugal, Greece and Ireland to pay the interest penalty skitar 200 to 300 basis points as the cost for funding through the mechanism of EU bailout.

Impact, the current account deficit Portugal stagnated at the level of 8% this year, while the budget deficit at 8.7% until the first quarter. It's tragic fate suffered by Portugal, in the near future if the country is not able to implement fiscal austerity measures, the risk of default will be higher and push the EU as a whole.

News and Overview of the European Economic Zone

The euro adopted by statement of Greece Finance Minister

Tuesday, July 19, 2011

The euro strengthened against the dollar after Finance Minister Evangelos Venizelos said Greece an agreement to resolve the debt crisis of Greece can be achieved in meeting the European Union.

He said the solution can be achieved because this does not only concern Greece, but also the euro and the stability of the euro. Therefore, protection against Greece is a defense mechanism for the eurozone. It can help avoid a domino effect.

Eurozone leaders will meet in Brussels Thursday to discuss the bailout both Greek and solutions debt crisis. This meeting was held during the crisis anxiety of the Greek market could spread to other countries. Underscoring that concern, Italian and Spanish bond yields soared, and the difference with German bonds reached a record high.

The euro was also lifted by a statement of the ECB council member Ewald Nowotny indicating ready to compromise on the use of Greek bonds as collateral.

At 16:51 hours GMT, the euro traded at $ 1.4182, up from $ 1.4103 the previous closing level. Against the yen, the euro rose to 112.02 from 111.48. Euro stable against sterling at 0.8795.

News and Overview of the European Economic Zone

Urges Euro Yen, European Economic Sentiment Strengthens Against Negative.

Tuesday, July 19, 2011

Recent data releases ZEW Economic Sentiment indicator has just been released by the Zentrum fur Europaische Wirtschaftsforschung (ZEW), showed signals of progress is less encouraging on the EU economy.

The impact to the release of trade data pair USD / JPY this afternoon (19-07), which monitored happen weakening Euro.

The forex market responds to this by pressing the pair EUR / JPY, so in the range of 111.98.

Actual Data ZEW Economic Sentiment indicator fell to -7.0 reported previously expected to deteriorate from -5.9 to -7.4.

Analyst Research Vibiz of Vibiz Consulting suggests that the euro still has the potential to weaken further against the Japanese yen. Support intraday estimated in the range of 110.97.

Profit Taking Action Drag Gold From Record High $ 1600

Monday, July 18, 2011

Gold managed to touch a new record of $ 1,600 per troy ounce for the first time in European markets on Monday, bolstered by concerns about debt problems in the U.S. and European bloc countries, but inhibited the increase observed in line with the action taking profit of the investor.

Gold has so far tracked back to the range of $ 1,596 per troy ounce, after earlier reaching a record high of $ 1,602.80 per troy ounce, up 0.22% compared to today's opening price.

Strengthening Gold in 3 successive weeks is still difficult to change over the concern spread of debt in Europe has not faded, especially if it is added the collapse of investor confidence towards the U.S. economy.

Based on these catalysts is still limited attenuation Gold, plus a further issue that can sustain Golden skyrocket again is threatened by the U.S. credit rating downgraded if the negotiations fail limit increase debt limit reached on 22 July next.

Asian Economic News and Review (Hong Kong)

Hang Seng ended down, lack of sentiment Today

Monday, July 18, 2011

Hong Kong Stock Exchange in trading today (18 / 7) closed weakened after the trading session I had increased 44 points. The lack of sentiment and trading off in Japanese stocks today brings the impact of a quiet trade with lingering fears about U.S. financial conditions.

Hang Seng Index closed down 0.32% to 21804.75 basis points. While index futures declined 41 points to 21 798 basis points with the support level of 21,693 points and resistant level of 22,032 points.

Stocks that are weakened including Sino Land shares which fell by 0.64% to 12.38 HKD, Esprit Holdings shares fell 2.08% to 21.2 HKD and shares of Sinopec Corp. fell 0.54% to 7.59 HKD.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, the movement of the Hong Kong stock exchange for trading tomorrow is expected to still not be safe to move unstable following the movement of data global economic fundamentals.

News and Overview of the European Economic Zone (UK)

Housing Sector overload Pounds

Monday, July 18, 2011

Pound weakens, weighed down UK house prices fall in July. This is the first decline for 2011 as tight mortgage filing requirements. Home prices fell 1.6%, worse than an increase of 0.6% in June, according to data released. Seven of the 10 properties listed in 2011 are still available for sale, this is a serious overview of the housing sector.

Sterling is also burdened by the fall of the euro due to worsening debt crisis of the euro-zone. Skeptical market crisis will reach settlement agreements after ECB's Trichet stressed that disagreement over Greece's debt restructuring plan.

The weakening of sterling could worsen if the BoE meeting minutes confirm gloomy economic outlook for the UK. The BoE will release minutes on Wednesday when analysts predicted the central bank will provide a strong reason to maintain interest rates at record low of 0.5%. Swap index also showed the BoE monetary policy will not change until the end of 2012.

News and Overview of the European Economic Zone (Switzerland)

USD / CHF 0.8175 Resistance Test

Monday, July 18, 2011

USD / CHF appears to have been successfully recovered and away from a record low on Monday as investors began to reduce poaching safe-haven currencies like the Swiss franc, despite fears of a prolonged debt problems still remaining in the market. Almost throughout today's trading currency pairs is traversed by persisting in positive territory, to continue to test the resistance level at 0.8175.

Despite recent movements in USD / CHF showed an increase, team analysis of ForexMansion.com assess if the "currency pair is still potentially plagued sell on rallies, where any increase would be followed by selling pressure. We do not recommend to short, no matter what the ascension. "

While the EUR / CHF has also shown similar movements throughout the day. Had fallen down to the 1.1400 area in the Asian session, the EUR / USD could rise to re-approach the level of 1.1500, although it still seems to be able to penetrate the shortage of those levels.

News and Overview of the European Economic Zone (UK)

GBPUSD awaiting Phase Out of Consolidation

Monday, July 18, 2011

GBPUSD lost him on Monday. The bias remains neutral in the short term, as long as the price moves below the previous daily highest level, the main scenario is still a downtrend. However, hammer formations that looked at the Daily charts indicate the potential for upward correction testing 1.6175. Translucent over the area could bring the price into the neutral zone in the short-term target 1.6192.

Overall bearish scenario remains valid as long as prices stay below 1.6260 resistance area, the nearest support level at 1.6050 area, fell under the area could trigger further bearish momentum at least for targeting key areas of support 1.6000 - 1.5950

Gold Up 10 consecutive days, 4 Decade Then Same Record

Saturday, July 16, 2011

Gold managed to record gains on Friday the tenth row, equaling the record for consecutive increases that created four decades ago, as some market participants began looking for a hedge against the growing threat of disastrous U.S. government default.

A rally that began two weeks ago when the debt problems of the eurozone has continued anxiety walked back into record territory this week as President Barack Obama and Republicans are struggling with a serious deficit plan, deepening the deadlock in negotiations to raise the debt limit before August 2.

Gains in crude oil, drop in U.S. consumer confidence and concerns about euro zone debt contagion also helped the metal began two weeks to record the largest gain in more than two years, up more than 7% since early July.

Spot gold rose 0.3% at $ 1,590.60 an ounce at the close early on Saturday according Mahadana trading platform. Failed to reach new highs after a rally to all-time high in the two previous sessions, but remained near a record $ 1,594.00 on Thursday created.

U.S. gold futures for August delivery closed up 80 cents at $ 1,590.10 an ounce, after trading between $ 1.576 and $ 1,592.80.

Spot silver rose 2.2% to $ 39.02 an ounce, near a two-month $ 39.34 is created on Thursday.

News and Review Economic Zone Asia (Japan)

Japanese Yen Intervention Not Sure

Friday, July 15, 2011

Tough strengthening of the yen in the last week has raised the prospect of intervention. However, some analysts say the intervention will not occur because the movement of the yen is still justified. "If you look at the direction of the global economy then the movement of the yen is still appropriate," said And Slater, Director of the Economist Corporate Network told CNBC. Yen often hunted as a safe-haven assets amid the global economic turmoil, especially with the proliferation of European and U.S. debt problems lately.

USD / JPY is still struggling in the range of 79 for the fourth day after the strongest gain in four months 78.46 earlier in the week. A stronger yen has even encouraged the Minister of Finance of Japan, Yoshihiko Noda, warned that the direction of movement of the yen, but are reluctant to provide guidance to policy intervention. "Of course Noda must show that he was worried," said Slater. "Until we get the pressure of leading economic indicators for the intervention will not be too big."

Policy intervention will also be contrary to the economic outlook for Japan has released the BoJ, according to Kiran Kowshik, strategic BNP Paribas. Bank of Japan, this week, raising its assessment of Japan's economy for the second time due to improved manufacturing activity and rising exports. "It is unlikely to intervene because it is inconsistent with monetary policy," said Kowshik.

News and Overview of the European Economic Zone

Important Day For European Banks

Friday, July 15, 2011

European banks stress test results that last possibility is still difficult to assuage fears at the level of capital, due to the spread of sovereign debt crisis has undermined investor confidence, especially in the sector.

The results of the second round of stress tests on Wednesday will be released after European stock markets closed. European banking authorities to release any banks that failed the test of feasibility, as well as specific information on how much exposure banks of toxic assets.

Analysts expect the bank to face a more stringent test of feasibility than last year. The problem is how credible are the results of stress tests if there is no specific assumption of sovereign default scenario.

The banks that failed the stress test would have to recapitalize in a large enough scale, and have struggled to find additional funds from the market. So far there has been no significant predictions on how many failed, but the main candidates are the banks based in Spain.

News and Overview of the European Economic Zone

Opportunities Short Selling EUR / USD Coming Stress Test

Friday, July 15, 2011

Euro The single currency traded within a narrow range against the dollar Friday as markets wait n see attitude ahead of the release of European banks stress test results. However these results will be published just after the closure of European markets and the lack of progress since the approval of a new bailout fund for Greece, the Euro dollar sentiment is still fragile.

Observed so far EUR / USD traded break even at the level of 1.4145 is not far from today's opening level. Factors that could drag the EUR / USD again plunged among others the confidence of investors as a whole has not been strong because of the lack of a systemic solution to the debt problems of Europe.

Technically speaking, we can look at the H1 chart where the price of a bearish continuation pattern forming a descending triangle, which indicates at least a short selling opportunity targeting 1.3950 area in the short term.

However still required penetration is consistently below the area 1.4050 - 1.4095 to trigger further bearish momentum.

On the upside, the nearest resistance level is located in the area of ​​1.4220 followed by 1.4283, translucent area can change over the intraday bias to neutral because of its direction becomes unclear in the short term. But overall bearish scenario remains strong as long as the price does not exceed the 1.4375 area, an aggressive trader can do the sell on rally at 1.4220 resistance with tight stop loss is not far from the 1.4283 area.

News and Overview of the European Economic Zone (Switzerland)

Will the Swiss National Bank to intervene Strengthening the Swiss Franc?

Friday, July 15, 2011

Currency Swiss franc again overshadow its historic record high against the USD and EUR, triggered by the overall uncertainty to trigger the transfer of risk investors into safe-haven assets.

However the strengthening of the Swiss franc began to attract the attention of politicians Switzerland, because it is considered more damaging export competitiveness of Switzerland as well as burdening the performance of domestic capital markets.

Quite a contrast with the attitude of the BoJ, SNB likely to intervene in case of further strengthening is still very little chance.

Observed so far USD / CHF successfully corrected upwards due to profit taking ahead of key reports stress test results 90 European banks. According to the consensus polled by Reuters, there will be 10 to 15 banks that are otherwise not feasible, if indicated more failed banks stated it was likely triggered the transfer of risk back to further support the Swiss franc.

Based on technical studies, the reaction of a technical rebound from 0.8080 is still limited in the low resistance area 0.8200. Intraday bias remains bearish as long as the price moves in the bearish channel on the graph H1, at least target the 0.7950 target. But it still required under the area of ​​support is consistent penetration of 0.8020 - 0.8080 to trigger further bearish momentum.

Unless the price of penetrating above 0.8200, signifying a phase of consolidation continues to test the next technical level of 0.8270. Overall, we still see opportunities continuation bearish scenario for prices to survive under the 0.8400 area.

Crude Oil Up Thin, Still Vulnerable Correction

Thursday, July 14, 2011

Price movements of crude oil to trade this afternoon (14 / 7) recorded an increase thin. In the last 2 days the movement of oil recorded moving unstable and move the range 96-98 dollars per barrel level. Investors apparently still retain the position when the fundamental conditions that are still unstable.

The increase in the movement of oil is currently also evaluated as an investor considering the second condition is currently focused on the threat of decline in the U.S. credit rating and continued impact of the credit crisis in Europe.

Crude oil futures today rose 43 cents to 98.24 dollars per barrel. Meanwhile, Brent crude rose 12 cents to 118.9 dollars per barrel.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, the movement of oil prices is estimated to be not safe to remember this night also will be released retail sales data and U.S. unemployment claims.

Asian Economic News and Review (Hong Kong)

HK shares to open down as Moody's warns U.S.

Thursday, July 14, 2011

Stock Exchange of Hong Kong could be weakened Thursday morning, following the weakness on Wall Street after Moody's Investors Service warned the United States could lose the credit rating of AAA securities if Washington fails to increase the debt limit.

China banks hit trading at low valuations last seen during the 2008 financial crisis, could be a possibility of loss is limited by the profit forecast of China's Agricultural Bank <1288.HK> China this week.

Hang Seng Index <HSI.> come from the worst two-day decline in 17 months rose 1.2 percent to 21,926.9 points on Wednesday, boosted by better-than-expected economic growth in China in the second quarter.

But the turnover came about a fifth below that level on Tuesday, suggesting investors are not buying a large scale.

Elsewhere in Asia, Japan's Nikkei trading down 0.3 percent to 9,933.1 points, while the Korea Composite Stock Price Index (KOSPI) <KS11.> trading down 0.8 percent at 2,113.6 at 0753 GMT.

News and Overview of the European Economic Zone (Greece)

Greece Need a New Bailout Funds

Thursday, July 14, 2011

Prime Minister of Greece, George Papandreou, European express and the IMF must quickly approve the new bailout for the country to avoid the failure of economic reform plan. "The situation is not helped us through the crisis," said Papandreou told the Financial Times Deutschland. "These uncertainties make investors afraid. If we do not get the decision right then the implementation of economic reforms may be delayed."

Papandreou's proposal opens up the use of funds ESFS (European Financial Stability Facility) so that Greece can buy back the bonds. "This idea could alleviate the debt burden of Greece," Papandreou said. "But decisions must be made quickly. Theoretically, it could take two weeks or longer, which would mean a lot more damage can be inflicted. "

Dana ESFS? 440 billion has been used to help Ireland and Portugal. Part of the ECB and the German officials have rejected the idea of ​​the use of funds ESFS to buy bonds in the secondary market but the German Finance Ministry yesterday said the policy could in theory be done.

News and Overview of the European Economic Zone

European bourses opened Low After Warning Moody

Thursday, July 14, 2011

European equity markets fell Thursday morning as traders digested news that Moody's Investors Service placed the credit ratings on review for possible U.S. downgrade.

Pan-European index Stoxx 600 fell 0.8% to 267.9, with InterContinental Hotels Group PLC shares fell nearly 3% after a disappointing outlook from rivals. France's CAC 40 slipped 1.1% to 3,751.9 and Germany's DAX 30 index fell 0.9% to 7,205.2.

Britain's FTSE 100 fell 1% to 5,848.4. Lafarge SA shares rose 0.9% in Paris after the company said in talks to sell the assets of gypsum Europe and South America.

News and Overview of the European Economic Zone (UK)

Safe! During GBP Constant Above $ 1.6080

Thursday, July 14, 2011

Pounds observed experiencing a correction until the afternoon session on Thursday, but still quite safe during the exchange is moving above the $ 1.6080 support level.

This correction is due to negative sentiment Sterling chastened after ratings agency Moody's mentioned the possibility of a plan to cut the credit ratings of U.S. bonds. This condition is feared could rekindle investor anxiety of the global financial crisis.

Session GBP rose sharply yesterday against the U.S. dollar due mainly lifted by Fed Governor Ben Bernanke's speech hinted at a possibility that the next round of monetary policy easing if the economy continues to weaken and inflation continues to decline.

Technically if the USD broke below the $ 1.6080 support, it is feared could trigger further bearish Sterling crucial to the level of $ 1.6. If the level is still well penetrated 1.6, it is not impossible if Sterling would fall to 1.5940 to 1.5900.

Crude Oil Up Again to $ 97

Wednesday, July 13, 2011

Crude oil prices to trade this afternoon (13 / 7) recorded an increase. Apparently growing trend rebound occurred after the oil obtained positive sentiment from some Chinese economic data such as retail sales data rose 0.8% to 17.7% and industrial production data sectors which rose 1.8% to 15.1%.

In addition, other positive sentiment coming from the impact of the strengthening of the Asian stock exchanges rebounded after returning in the last two days has decreased quite sharply as it did in Japan and Hong Kong stock exchange.

Crude oil futures rose by 94 cents to 97.6 dollars per barrel with the support level of 96.44 dollars per barrel and resistant level of 97.19 dollars per barrel.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, the movement of oil estimated to be still moving unstable remember this night there will be testimony from Fed Governor Ben Bernanke will give his views to the current U.S. economic conditions.

News and Economic Review Asia (China)

China's Green Growth European Stock

Wednesday, July 13, 2011

Stock exchanges in Europe rising higher in trading Wednesday after the data has China managed to lift the performance of mining stocks, and erase the impact of declines in the consumer sector following weak sales of French companies Carrefour and L'Oreal.

Eurostoxx 50 index rose about 0.5%, while the German DAX and French CAC each has recorded an increase of 0.81% and 0.44%. In Britain, the FTSE index moved 0.46% higher in the first 2 hours of trading.

Mining stocks showed the best performance by Rio Tinto earned 1.4% and Xstrata increased 2.3% gain, after the release of the data showed China's economic growth exceeded expectations in the second quarter sparked a rally in metal prices.

Nevertheless, the increase is happening still seems to be limited by rising concerns about euro zone debt crisis following the downgrade of credit ratings by Moody's Ireland to the level of 'junk'.