According to the ECB’s monthly bulletin inflationary pressure in the euro zone has been diminishing and the economy is expected to remain very weak for the rest of the year. As usual the bulletin’s editorial is a close repeat of the statement read by President Trichet at the ECB policy meeting last week.
EUR/USD has steadied after its brief dip earlier, presently back at 1.3305. Very lacklustre pre-holiday trade continues.
