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It's reassuring to see consumer confidence on the rise, but it's ironic that this news coincides with the market's rather sudden loss of confidence (see my previous post). In any event, I doubt that Europe's brewing financial crisis is going to have a significant impact on the daily goings-on in the U.S. economy. The wheels of recovery are turning, and they are unlikely to be easily derailed.
2 comments:
Steve, thank you for your blogs.
The US data are pointing up. Europe's growth prospects on the other hand might be more restrained because of the austerity measures. Marry that with your PPP fair value analysis. Wouldn't you say that the market is NOT panicking but smartly, though rather quickly, pricing in the US-Eurozone differential? And, that EUR-USD should at least reach your 1.15, if not lower since markets over-react?
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