Bini-Smaghi: Chance of early exit by ECB? “Not that great”.

The ECB’s Bini-Smaghi continues his downcast comments after the employment report. He says the chances for the ECB to exit early are not that great. Yesterday’s moves were gradual and timely, he says. Late exit would require actions that are too strong, he says. Monetary policy cannot co anything if fiscal policy is out of line, he says.

The downcast comments from the ECB combined with the upbeat US data is helping give the dollar a boost across the board. EUR/USD has fallen as low as 1.4930 while USD/JPY has jumped to 89.55.

Trendline support for EUR/US comes in at 1.4917. Barriers are struck at 1.4850 and are set to roll off at 10 am.