ECB Policy Maker Sees No Need For Rate Cut

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ECB policy maker Ewald Nowotny told Bloomberg Thursday that “We are on a medium-term perspective” and “…from my personal point of view, I would not see many arguments now for a rate cut. Ewald Nowotny is the central bank chief of Austria. His comments came after a survey Thursday which showed euro zone business activity moving at a faster pace than previously expected.

“It is a weak recovery, but it is a recovery”

When asked about the economic condition of the Euro zone, Nowotny added “It is a weak recovery, but it is a recovery.”

The Euro has been strong. In the last month-in-a-half the EUR/USD rose from 1.277 to peaking at close to 1.345. U.S. Home Sales will be announced at 10 AM EST Friday. Next week, as far as news to directly influence the EURUSD, we have: U.S. Core Durable Goods on Monday. Tuesday, the German IFO Business Climate will be released, as well as the U.S. Consumer Confidence report.

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