Confidence in the Spanish recovery was gaining momentum

Euro takes flight This week the euro continued on its march towards the 1.4000 level, while the Japanese yen continued to weaken against almost every major currency. The moves were of course driven by the fundamental events of the week, which included a surprise contraction on US economic growth. GDP contracted by -0.1% as opposed to the anticipated 1.1% level that the markets were expecting. In the eurozone, Italian bond yields were at their lowest level for 2 years, indicating that investors

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