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Yesterday’s European Central Bank meeting and accompanying Q&A session for president Mario Draghi confirmed that it would be including both Cypriot and Greece debt when it starts its asset-backed securities purchases. To those countries in the south of the eurozone this will come as welcome news that grudges aren’t being held. Germany is less likely to have welcomed this news as it is still piling on the pressure for both France and Italy to implement meaningful austerity measures.
Mid-morning today will see the release of the latest eurozone monthly retail sales figures and, as much as we would hope they will offer the beleaguered inflation rate some assistance, history would suggest otherwise.