The big talk overnight was that the ECB had finally overcome the inflation-angst of Herr Weber and the German populace and is about to join the Fed and the BOJ by printing more money and hoping that all our problems will go away.
Surely the EUR, USD and JPY should be losing even further credibility as stores of value. No wonder blue chip stocks soared overnight and it’s a wonder that Gold didn’t surge as well (though I guess it is already quite overbought). The ECB’s logic is probably that if everyone else is doing it, then we should too.
I’m off to buy some more GBP and perhaps a few more ounces of AU!
