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On the one hand, Otmar Issing (whilst relating to the Euro) warning about the dangers of rapid movements in exchange rates and on the other hand, stressing there are few signs of Eurozone exports being affected.
No doubt they are satisfied with the results of last weeks verbal intervention in the market which began with Trichet warning of "brutal" movements in foreign exchanges. I'd say that right now they are rubbing there hand together - "keep going".
I see see any USD bounce as short term.
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