While ECB President Mario Draghi and other ECB Governing Council members have been out en masse imploring investors to not worry and be happy about the Euro-Zone economic outlook, while repeating the ‘’patient, persistent, prudent’’ mantra with respect to monetary policy. However yesterday ECB Chief Economist Peter Praet nevertheless cautioned that there is considerable uncertainty regarding the degree of slack in the Euro-Zone economy (something he had already mentioned before Easter) and noting that inflation continued to be ‘’lacklustre’’. Draghi’s confidence was nevertheless enough to see EUR/USD put on half a cent, from around 1.2275 to near 1.2325. Meanwhile the winding road that is the US equity market has seen a small (1/3%) recovery from Friday’s 2.2% sell-off in the S&P500, but after being up almost 2% earlier in the session, which follows gains of 0.7%, 1.2% and 1.3% last Tuesday Wednesday and Thursday and a 2.2% fall last Monday. During this time the US dollar has continued to trade sideways (though the DXY is down 0.3% in the last 24 hours) while 10-year US Treasuries are sitting comfortably in the middle of what has been a 2.715-2.835% range.
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