We cannot help but believe that the ZEW results are more a function of wishful thinking rather than any concrete improvement in fundamentals...A true measure of EZ economic activity will come out on Thursday night when the flash PMI readings will hit the screen. If the surveys remain mired near their multi year lows, any talk of EZ recovery will quickly evaporate. We continue to believe that for the time being any rally in the EUR/USD is simply a short covering spurt and any vision of an economic rebound in the region is just a mirage.
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