Despite the recent stability in the financial markets, the outlook for global growth deteriorated significantly and the only reason why currencies and equities stabilized is because investors hope that European leaders will make a major announcement quickly. Many challenges need to be overcome before this can happen and negotiations can break down at anytime because at the end of the day, European nations are being asked to bear more pain in the near term.
http://www.fx360.com/commentary/kathy/7705/usd-will-fed-ease-before-ecb.aspx
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