The ECB does not have a position on exchange rates, Portugal’s Constancio says. The Eurogropu does and they have already weighed in on Euro strength hurting any recovery. Given the nearly 60% drop in palnt and equipment orders in Germany revealed today, you can be sure the ECB joins with the politicians in not wanting a stronger EUR.
Also crossing the wires is a denial by Italy’s Berlusconi that he had an affair with a minor. They set the bar high in Itly…
EUR/USD is well-bid in the 1.3860s but unable to overcome 1.3900 in early US trade.
