The euro is now back to where it was before the news came out that Bundesbank chief Axel Weber would not be standing for head of the ECB.
The snap down was understandable. Weber is a hawk, after all, and so this means a less hawkish ECB than what might have been expected.
But he was also anti-bailouts and debt monetization, which is what’s keeping the periphery intact, and ironically that’s euro bullish.
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