One of the members of the German council of economic advisers (the so-called wise men), Peter Bofinger says that the ECB should stand ready to support Eastern European currencies as the progressive devaluation of those currencies is the main threat to those countries.
That should go over like a lead zeppelin with the ECB which has a single-needle in its compass…
EUR/USD is consolidating at 1.3582 after a dip to fresh session lows earlier at 1.3258.
