EUR/USD is presently at 1.2715, holding up pretty well given the raft of weak European economic data seen today; German and French trade, French industrial production etc and given ECB rhetoric suggesting likelihood of further rate cuts.
European stocks are doing fairly well (DAX 30 up some 1 1/4%) and this will be helping provide some support for the euro. Apparently stocks are being bolstered by a memo which is circulating from Citibank chief executive Vikram Pandit.
The official says the bank was profitable in the first two months of 2009 and is confident about its capital strength after tough internal stress tests. The memo said the bank was having its best quarter-to-date performance since the third quarter of 2007.
