AUTOREFRESH 
Germany’s Steinbrueck pressuring the Buba?
By Jamie Coleman || July 9, 2009 at 13:33 GMT
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German finance minister Steinbrueck says that the Bundesbank may need to buy corporate bonds from German corporations to get money into the coffers of business if banks won’t lend.
Buba president Weber dismissed that suggestion on Tuesday of this week.
It’s not clear that it is even legal under ECB rules, as far as I can tell…Bottom line is that political pressure on the ECB has been a major drag on the euro in the past. This is pretty tame stuff so far but if it intensifies it would be a decided EUR negative.
EUR/USD has dipped to the 1.3970 area after absorbing central bank selling in the 1.4000/10 area.
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