European Central Bank President Jean-Claude Trichet yesterday called for greater efforts to reduce budget deficits. The comments sent the euro lower, reversing three days of gains.
“The outlook for growth around the world is certainly not as optimistic as it was a few months ago,” said Toby Hassall, a commodity analyst at CWA Global Markets Pty in Sydney. “There will be the longer-term participants in the market who are viewing this decline in price as a good time to get long.”
Source: Bloomberg