EU playing the CONfidence game
- Still looking to converged avg objective at 1.3150-60
- Hearing large European investors entering tentative longs
- Asian cbs also underpinning the renewed confidence push
- FI markets also reflecting blase attitude to negatives
- We expect EUR affair to be a short term commitment
- Portugal austerity/Italy politics provide nt banana skins
Trade smaller than rational because the market is irrational...