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Has the EUR the Strength to Rally with Conviction?
Hands up anyone who was not disappointed with the EU summit outcome? Again the meetings have failed to produce any meaningful developments. Efforts to push for a banking union ran into resistance from the usual set of suspects, led not surprisingly, by Germany. There was no official request for aid made by the Spanish government either, this certainly peeved a few investors who ended up liquidating some of their EUR held positions after digesting some disappointing US corporate earnings last week. The market still expects Spain to go cap in hand to its fellow members, but uncertainty still remains on the timing. ... (full story)
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