Reuters carries comments from ECB chief economist Stark. The crisis is not over yet, Stark says, adding, “we have to assume that we will see continued upsets in the markets in coming months, quarters”.
He says he is seeing stabilization in the economy and clearer signs of stabilization in some markets. He repeats the ECB has decided to gradually withdraw unconventional steps . Exit can not come too early or too late, he says.
Not much new here, but Stark does not sound as though the Greek downgrade will dissuade the ECB from beginning to withdraw some of its non-standard measures.
EUR/USD is fractionally firmer after retesting session lows around 1.4725 just over an hour ago. We trade now at 1.4740.