A tangle of advertisements, forward and back signals the summit of European leaders in Brussels.
The same, which is in its second day, is on track to generate a further disappointment to the markets and the world at large, given the lack of expertise, and especially the lack of leadership in Germany and France, who fail to impose consensus among the rest of their weaker partners.
The only concrete is that it delayed a decision calling for the creation of Eurobonds to within 6 months, and the pursuit of fiscal union appears as a goal too far.
In fact, that union, or at least an iron discipline not to violate certain rules are established by the Union since its creation. But in practice no one has met those standards, and are now the consequences.
So do not make much sense to unify criteria if one is not consistent with themselves and the leaders continue to seek consensus on its population with political patronage, lack of capacity to govern with some decorum.
The problem, as we have stated repeatedly, is clearly political, but is raging in Europe, to be slightly poorer than without taking any decisions.
The summit ended in Brussels today will surely a wake boards, pompous titles, but very little in fact.
Meanwhile, European currencies recovered positions to the beat of the information becoming known from the summit. The euro managed to again exceed 1.34, after reaching the minimum 1.3280 and the British pound rose to 100 points from at least 1.5650 that played in the beginning of European session.
It also highlights the recovery of the Australian dollar, which was near parity against the dollar and Canadian dollar, which slowed his fall from 1.0260.
For 8:30 Eastern expected trade balance data from Canada and the United States (with diametrically opposed realities, of course), and 9:55 the preliminary report of consumer confidence from the University of Michigan / Reuters
