By Jonathan Tirone
Oct. 19 (Bloomberg) — European Central Bank council member Ewald Nowotny said a “tri-polar” global currency system is developing between Asia, Europe and the U.S. and that he’s skeptical the U.S. dollar’s centrality can be revived.
“What I see is a system where we have more centers of gravity” Nowotny said today [...]
Europe’s economy is weaker, yes. The rise in the euro’s value has hurt exports. However, the vast majority of economists agree that the ECB will not reduce interest rates until the second half of 2009. That’s a long time from now. A lot can happen between then and now. The US economy, in contrast, continues [...]
“Bloomberg’s Millie Munshi reports that the flashing exit signs she first detected in the middle of last week in the commodities’ complex have intensified their rhythm this week and could be showing the pivot point we have been alluding to recently. Though we will not know with certainty until about two months from now, the [...]
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