The European recovery continues
|The EUR was off to a flying start in today’s session following the release of the latest PMI data which showed the strongest business activity in the Euro-zone since 2011. What is interesting is how the different asset classes are interpreting this strong economic performance with the EUR rallying on the premise of improving economic performance and an economy heating up with German inflation now back at its highest since August 2012. This translated into monetary policy may explain the growing view that in the near-future the ECB are likely to start discussing the idea of raising interest rates while also performing wide-scale QE, a very different normalisation strategy than what has been adopted by the Federal Reserve.
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