ZEW

Germany came out with the ZEW economic survey which was way over what was expected. Anything above 0 is optimistic...this reading was 11.8. Considering people look to Germany to show what is happening in the rest of Europe, you'd think the Euro would have taken off...it hasn't.

I got out of all my Euro trades in case we were to get a good report like this.

Gold, on the other hand, has responded. Maybe traders are looking for anything that signals inflation. However, it looks like our buddy Trichet may have to cut Euro interest rates anyway, because of how slow they seem to have acted.