Thursday, May 27, 2010

Has Berlusconi spoken too soon

It appears that Silvio has told an event at the OECD in Paris that,
Today we are coming out of the crisis. Unfortunately, as far as countries with the euro as their currency are concerned, we are also facing an international speculative attack on the euro,"
"We, the countries of the euro zone are united in replying with a multilateral response, which has practically defeated... this international speculative attack,
OK so the Euro has indeed risen a touch according to the FT, but this is nothing to do with the EU's response, more to do with the Chinese.
However, the euro began to climb again in early Asian trading after Reuters reported a Chinese government official as restating that Beijing’s foreign exchange policy would continue to include the purchase of euro assets.
Practically defeated... we will see.

1 comment:

kev said...

Usually, when we speak of the euro rising, it does so against other (falling) currencies. Compare only to gold if you want to know the health of currency.