The Japanese economy is making its most serious attempt not to disappoint. The yen will strengthen.

It must be taken into consideration that the euro-area economy is growing only moderately and the price risks are limited.

The German economy has started this year with a flourish and is heading for the first real upswing since the boom year of 2000.

The planned hike in VAT of three percentage points could seriously hinder the economy in 2007.

The dollar is recovering because of position-adjustment.

Surely it does not look like this euro has any upside momentum whatsoever. There is inherent pressure on this euro.