The weak release of the non-farm payroll of June losing125k after adding 413k in May while the market was waiting for losing just 100k has undermined the market sentiment increasing the probability of having a recession second dip in the second half of this year in US after getting out of it in the third quarter of last year. We have seen recently many dovish data from US suggesting this probabilities like the slide of US consumer confidence of June to 52.9 while the market was waiting for 62.9 and June US ISM manufacturing index which was expected to be 59 from 59.7 in May coming last week at 56.2. That's beside the increasing worries about the housing market performance in US which has deteriorated in May as the pending home sales have fallen by 30% while the market was waiting for decreasing by just 10% after the disappointing new home sales of May which were awaited to be 470k from 507k in April but they have shocked the market with just 300k falling by 32.7%.

The single currency could find support again today from the demand for the Spanish bonds which was not expected after yesterday Moody's announcement to have the Spanish crediting under revision currently for further downgrading. The single currency could be underpinned yesterday by the lower than expected demand for l31.9 billion euros on the ECB program financing program for 3 month has helped the market which was worried about the long term debt refinancing in Europe after the earlier released report of the ECB which highlighted the need of 800 billion euros by the end of 2012 suggesting that the European banks are in need to be ready for facing bad loans following the debt crisis which can reach 123 billion euros for 2010 and 2011 to reach 105 for 2011 and for facing the bad loans from 2007 till 2009 they should be ready with 238 billion euros.

The lower than expected demand for l31.9 billion euros on the ECB program financing program for 3 month has helped the market which was worried about the long term debt refinancing in Europe after the earlier released report of the ECB which highlighted the need of 800 billion euros by the end of 2012 suggesting that the European banks are in need to be ready for facing bad loans following the debt crisis which can reach 123 billion euros for 2010 and 2011 to reach 105 for 2011 and for facing the bad loans from 2007 till 2009 they should be ready with 238 billion euros. The single currency could reach 1.23 versus the greenback with the gained back confidence after the news before easing again by the release of June US ADP Employment which is expected to be up by just 59k from 55k in May. The greenback was well-supported yesterday with the market worries about the growth pace easing is US persisting containing the market sentiment ensured by the disappointing release of US consumer confidence of June which slumped below to 52.9 while the market was waiting for 62.9.

The equities markets have chosen again today to repeat its stable performance waiting for this week important economic data which can ensure the growth easing worries which contained the market sentiment recently and have been highlighted in the recent Fed's assessment last week when it has decided to keep the interest rate unchanged at nearly 0% maintaining its same cautious stance worrying about the current growth pace which is getting out of stream and the debt crisis of Europe consequences negative impact on US.

The G8 and G20 did not come with what can change the market sentiment, in spite of the Chinese decision to re-evaluate the Yuan in another gradual pace saving the focusing of the G8 and G20 during the weekend on the tension between US which requests for keeping the stimulating plans worrying about the global recovery fearing of a second dip of the recession which has been caused by the credit crisis after strong rebounding in the third quarter of last year and ...