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EUR did what was expected
The one and a half big figure slide in the single currency after the S&P’s rating announcements last week was a tad too much. Historically, with FX anticipating a downgrade, the EUR typically weakens -0.3%. Along with a few other positive gems that have come to the fore over the past 24-hours, its the EUR bears that are swaying into loss positions, but, for how long? Risk assets are again rallying on the back of strong Chinese growth data. Chinese economic expansion beat estimates in the 4Q (+8.9%), belying fears on a sharp slow down of growth. It seems that China’s hard landing fears are not imminent due to the ... (full story)