Do you get the feeling data is irrelevant in the current environment?

As Sean mentioned earlier there is a truckload of data releases scheduled in Europe today. German PMI was just out at 61.3 better than expected. The market didn’t blink with Greece holding more sway at the moment. Reuters are already putting headlines out that the German/Greek 5-yr bond spread has blown out another 20bps.

Many analysts have come to the view that the EU/IMF package won’t work and Greek bondholders will end up taking a haircut – possibly 30%. That one reeks of contagion.