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MENAFN - ecPulse - 22/01/2013

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Confidence in European bond markets is being seen as a turning point in the three-year-old sovereign debt crisis, after European Central Bank President Mario Draghi pledged he will do whatever necessary to save the euro.

Comments from the ECBs Chief in December have helped unwind the dark cloud surrounding the euro by fueling the markets with positive expectations for German and eurozone future investments at the start of the year.

After an unexpected rebound last December, German investor sentiment is seen rising to the highest level in eight months, but expectations are still pinned by uncertainty whether Europes largest economy will add steam.

The Bundesbank has expected last week that the German economy will stagnate in the first three months of the year, after Gross domestic product contracted unexpectedly by 0.5 percent in the fourth quarter of last year.

Germanys central bank said Monday the prospects for the German economy have improved, signaling that any slowdown in the euro zones largest economy will be shortly-lived, as the nation benefits from key export markets.

Though the euro zones economic avenue remains downbeat, a survey from the Center for European Economic Research (ZEW) may show a gauge of German economic sentiment rose to an eight-month high of 12.0 in January.

In fact, concerns about the sovereign debt crisis have eased noticeably following a considerable drop in borrowing costs. ZEWs gauge of the current economic situation probably rose to 6.2 from 5.7 in December.

Sentiment in the euro zone hasnt healed yet well but investors are seen standing on stronger footing as crisis concerns eased amid cautious optimism for general economic conditions in the debt-troubled region.

In the euro zone, the ZEW gauge of current economic sentiment is expected to come positive, but little changed from Decembers level, when it climbed for the first time above zero since Last April, to 7.6 from -2.6 in November.

The euro rose against its U.S. counterpart to 1.3340 areas from 1.3305. Meanwhile, the single currency has set a session high of 1.3356 and low of 1.3299, and is still near its highest level in nine months against the dollar.


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