Since Mario Draghi said in London that the ECB was ready to do anything to save the euro, the mood has changed on the markets. And the positive trend hasn't stopped since then. Merkel's confirmations to Draghi's words, the resilience of the American economy and the support measures in Asia did the rest. Yesterday building permits in the United States jumped more than expected, while both Indonesia and Thailand (the two largest economies in Southeast Asia after of course China) announced fiscal measures - mostly government spending – to support their respective economies.
Regional stock index increased by 0,2% (China's stock market, which contends the palm of unpredictability with the gold market, has instead fallen) and traders seem to embrace risk more than before. The retreat (against the euro) of the Australian dollar – a litmus test of risk-taking – appears to go against the trend, but it is only a reaction, approved by the Australian central bank, to the previous excessive appreciation. The euro is stable around 1,235 and oil has regained 95.
http://www.bloomberg.com/news/2012-08-17/asian-stocks-head-for-third-weekly-gain-on-u-s-housing.html
