The head of the Eurogroup of finance ministers says he sees room for the ECB to cut interest rate further. He further backs an EU-wide fiscal stimulus of at least 1% or more. The EU must return to basic budget rules with 2-3 years time, Junker says.
EUR/USD is consolidating gains in the 1.3025 area after sprinting as high as 1.3080. The market has welcomed the joint Fed/Treasury plan to by GSE debt ad lower mortgage rates though equities are well off their earlier highs. The Dow is up a bit more than 1%.
