The euro recovered to 1,26, while everyone awaits the results of today's meeting of the European Central Bank. Draghi's credibility is at stake and the strengthening of the single currency indicates that markets believe the ECB will pull a rabbit out of its hat. In the past, the Germans have always defended the independence of the ECB and today some of them find themselves in the strange position of putting a stop to measures that are the exclusive competence of the central bank: if this is not interference…
Asian markets are little changed in this moment of suspense, but, in the regional index, the number of stocks that have advanced is less than the number of declines. Oil is modestly up, and so is gold which is just below the 1700 threshold and seems determined to overcome it. US index futures signal modest gains. But everything depends on the outcome of the meeting in Frankfurt.
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