EUR/USD has drifted back to the 1.4100/10 area after comments from EU economics czar Almunia who concedes the economic backdrop in the eurozone is highly uncertain and that EU forecasts will have to be cut.
“The prospects for the second half of 2008 and the beginning of 2009 are not very good.”
Oil is consolidating losses amid hopes Ike will miss the oil-producing regions of the Gulf and on OPEC downplaying odds of big production cuts.
