The Euro Is Moving Sharply Lower On The Axel Weber News

Well this makes a certain amount of sense. The euro is moving lower on news that uber-hawk Axel Weber won’t be succeeding Jean-Claude Trichet as head of the ECB.

That being said… it’s positive for the euro when the ECB is making sure the periphery doesn’t crumble. So we wouldn’t be surprised to see that net out.

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