Forex | Forex | Steady hand, bumpy road (04/09/2009 05:45:00)

Steady hand, bumpy road

Today’s press conference bore the hallmarks of statesmanship: the ECB decided to lean against the wind of upside growth surprises to cool market enthusiasm, and to remind everyone that we have unfinished business to take care of before reaching full normalization. Set against the positive momentum of recent Eurozone data, the tone of the press conference was noticeably dovish. Trichet emphasized that prudence and caution are of the essence, as the recent recovery relies still too heavily on


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