EUR/USD is coming under pressure after the comments, now at 1.3252. In addition, the Portuguese central bankers says:
- The international policy response has been insufficient to deal with the crisis.
- Monetary policy is less effective to deal with the recession below certain rate levels.
- Monetary policy has been adequate to deal with crisis.
Sounds like someone is unhappy with the European policy response thus far…
US equities are bouncingt back nicely but EUR/USD remains under pressure after the comments, which make the ECB look quite far behind the curve.
