Late last night the Euro zone finance ministers reached a deal

Late last night the Euro zone finance ministers reached a deal on the Greek bailout package. Seven months of negotiations and debate resulted with Greece receiving the 130 billion EUR that it will need in March to avoid bankruptcy. While this is a step in the right direction the saga is far from over. The true effect of this capital infusion will rest on the backs of the Greek government who will need to enforce the austerity measures designed to relive Greece of its overwhelming debt load. The current austerity plan proposed should help reduce the debt load from 160% to 120% of the GDP by 2020. Even if Greece is able to effectively enforce the measures, it is nearly impossible to forecast how the Greek economy, on both a macro and micro level , will be effected by the plan.

Another piece of news that has helped to stir up the markets coming out of the long weekend was the adjustment of the Chinese reserve rate.

The reduction, in principle, should help to boost bank lending which will aid in the further growth of this rapidly changing country. However, this decision has sparked some concern across trading desks that the Chinese may be attempting to soften the fall of an over-hyped housing market. Regardless of the reason for the adjustment, the fact is that more liquidity will be put into yet another large country seems to have sparked bullish sentiment for many commodities.

With the actions taken by both the Euro zone and China in mind, the commodities markets have managed to rally and remain strong throughout the day. Oil and copper are up 2.5 and 3.5% respectively on the back of this news. The precious metals complex has looked quite strong over the last few days with above average COMEX volume in silver, platinum and palladium. The outlook for gold has also become very bullish as it managed to close over $1750 this afternoon. A strong commodities market should continue in the near term as long as there is any threat of quantitative easing on the horizon. As we have seen over the past few months these markets can be very fickle and can correct in a matter of days or even hrs, however this time around it seems like the bulls will be there to support any minor correction.

Metals	Last	%Change	Low	High
Au- Apr	1757.7	1.84%	1732.1	1759.5
Pt-Apr	1691.1	3.50%	1639.9	1693.6
Pd-Mar	709.3	3.08%	687.50	714.75
Ag-Mar	34.320	3.34%	33.450	34.465
London	AM	PM	Minor	PGMs
Au	1737	1748	Rh	1540
Pt	1637	1638	Ru	135
Pd	695	697	Ir	1100
Ag	33.65	DJI	12955.47	5.6
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3253	0.012549	1.5787
EUR	0.7547	0	0.94694	1.1913
JPY	79.69	105.6	0	125.804
GBP	0.6335	0.83943	0.7949	0
Crude Brent	121.83	Comex Copper	383.1
Crude WTI	106	Nat Gas	2.624
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES