European markets are set to open higher as investors sense optimism that the U.S. might resolve its fiscal cliff problem before the deadline around Christmas.
The CAC is 11 points higher, the FTSE is 17 points higher and the German DAX is up 31 points at the time of this report.
As mentioned in a previous post, Asian markets also rallied today to a three week high that a compromise between U.S. Law Makers is near. President Obama has been meeting with the House of Representatives to help secure a deal before the deadline passes in a few short weeks.
In earnings today, Dixons, Paypoint and RPC Group are set to release interim earnings. Several German companies are releasing quarterly earnings like Envitec Biogas and Sunways.
The euro recovered sharply from the low at 1.2880 and could test 1.3000 today. The GBP/USD is trading in a range from 1.5900 to 1.6100.
In commodities, oil has moved lower. Gold has inched lower and has good support near 1720.00.
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