All for one, and one for all’ this Dumas quote can never be applied when describing the ECB. The EUR has weakened vs. the USD and JPY after Trichet in Tokyo admitted that he has ‘failed to eliminate concerns about a split amongst policy makers’. This ‘ambiguity’ will delay the economy’s recovery and undermine investor confidence even further. We have not seen the worst from Europe, we are being prepared for mass layoffs and a summer of tension, as unemployment is rising fast throughout the world due to increased bankruptcies, collapsing investment spending and declining demand for labor. Does it not seem that these equity markets continue to get ahead of the ‘natural negative fundamentals’ that’s appearing around us? The US$ is stronger in the O/N trading session. Currently it is higher against 14 of the 16 most actively traded currencies, in a ‘whippy’ trading range.
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