“It is not our goal simply to print money” says Axel Weber of the Bundesbank. He also says he doesn’t currently see the need to buy any more foreign debt outright.
Sounds like Herr Weber was dragged to the last ECB meeting kicking and screaming…
Weber’s economic outlook is not particularly rosy despite his distaste for quantitative ease. He sees positive economic signals but he does not see the economy bottoming out quickly. He does not see growth before the second half of 2010.
EUR/USD is getting a lift from Weber’s hawkish remarks on QE as well as on US equitites cutting their losses. We trade now at 1.3670.
