ECB executive board member Bini-Smaghi is on the wires with dovish comments on Reuters, but nothing new.

  • No need to raise interest rates for the time being
  • Do not see any risk of inflation at all
  • eurozone economy recovering, passed turning point of recession
  • Gradual recovery, marginal growth in 2010
  • recovery depends heavily on stimulus
  • must monitor credit and meonetary developments to avoid being behind curve

No change in EUR/USD despite the dovish tone, steady at 1.4946.