Well maybe not as much as a whole eye, but the Latvian capital Riga will be getting some attention today. There at midday local time coalition members are due to meeet, with the intention of agreeing additional 175 million lati budget cuts.
The cuts are urgently needed to satisfy the IMF, EU and Sweden, who have agreed to give Latvia a 7.5 billion euro loan but are urging the beleaguered Latvians to adopt tougher austerity measures.
EUR/USD meanwhile has rallied back above 1.4700, presently at 1.4710. The euro bears seem wary of trying to push down through the 1.4680 area for fear of running into further sovereign buying interest. Overnight Asian sovereigns were seen buying around said level.
