Difference of opinion between the ECB and the IMF

In a battle of the acronyms we have the ECB’s Nowotny in one corner saying that there are signs that the European economy is bottoming out, while the IMF’s Belka says that they are wary of calling positive European data a turning point, but sees a good chance that the economy will pick up in 2010.

Eur/Usd has bounced nicely from support in the 1.3210/15 area to stand at 1.3240.