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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (3326)	4/1/2004 1:06:14 PM
From: mishedlo	Read Replies (1) of 116555

The euro advanced against the dollar after European Central Bank President Jean-Claude Trichet said he still expects a ``gradual' economic recovery in the region. ``Our working assessment of a gradual recovery is the appropriate diagnosis,' Trichet said at a press conference after the bank kept its benchmark rate at 2 percent, twice the level of the Federal Reserve. The euro rose to $1.2385 at 8:33 a.m. in New York from $1.2316 late yesterday, according to EBS prices. ``A lot of people had been expecting Trichet to pave the way for a rate cut,' said Ian Stannard, a strategist in London at BNP Paribas SA. ``That certainly hasn't happened and the euro will move higher.' quote.bloomberg.com

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