Analysts at ANZ explained that it was a very quiet day on European markets with no major data releases or events. Key Quotes: "A speech by NY Fed President Dudley focussed on economic opportunity and income mobility within the community, making no comment on the economic outlook or Fed policy." "ZAR gained 2% against the USD following a successful Eurobond sale. European equity markets closed mostly higher, with gains consolidating towards the end of the session." "Germany’s DAX rose 0.8%, France’s CAC was up 0.2% and the Euro Stoxx Index 50 had climbed 0.4%. Italian bank stocks rose solid after reports that leaders of major banks were meeting with Treasury and central bank officials to discuss the establishment of a fund to assist banks troubled by high NPLs." "Stronger commodity prices also helped to lift mining stocks. The UK FTSE 100 however was down 0.1% on the day. Meanwhile, the US S&P500 was up 0.1% in early trade. "Crude oil has traded around 2% higher, with near-dated WTI rising to USD40.50/bbl and Brent up at USD43.00/bbl." "Gold prices gained 1.3% to USD1256/oz. Long-end European sovereign bonds sold off and curves had steepened, with 10-year yields up 3.2bps in the UK, 2.9bps in France and 1.6bps in Germany. 10-year UST yields were up 1bp to 1.725%." For more information, read our latest forex news.