Austrian central banker Nowotny says he strongly warns against declaring the end of tough times. He also says he is seeing certain tensions between EU commission policies and macro economic policies. Reading between the lines, what he may be saying is that the usual tensions between national interests and European-wide interests remain at play, though I am only able to go by headlines at this stage.
EUR/USD is declaring victory over the dollar, trading at 1.4350, in the uper end of recent ranges. We’ll hold off declaring a winner until 1.4450 or 1.3950 is breached. Don’t hold your breath…
