That’s me channeling Barack Obama. Populist rhetoric intended for domestic consumption has this sneaky way of leaking past US shores and annoying trading partners. The Canadian’s, Chinese and now the Germans have had a word with the rookie president and he is now backing off earlier pronouncements in his conversations with foreign leaders.
Merkel says she spoke with Obama and was assured that his administration would not pursue protectionist policies. Welcome to the big leagues, kid.
EUR/USD is firming as ECB reserves fell sharply last week leading some, including me, to conlude that the ECB did in fact buy EUR/USD last week, prompting the move up to 1.3350ish.
EUR/USD has bounced as high as 1.2935 thus far, fresh highs for the session.
