The Fed is flipping back the cover on it’s panic button once again after claims shoot higher in the latest week…US yields are sliding after the data with the risk of further Fed action in the near-term higher today than it was yesterday…
Trichet is fairly upbeat in his opening comments, highlighting improved economic and waning pressures in financial markets. He welcomes the result of the stress tests and says they significantly helped transparency. They were an important step toward restoring market confidence.
EUR/US is firming to fresh highs at 1.3225 on the day. 1.3235 is first resistance, followed by trend highs at 1.3262.
