The ECU left interest rates unchanged last week. When many countries are affected in the monetary policy then disagreements tend to arise. On one had despite German factory orders being disappointing, a government spokesman said “the euro was not too strong at the moment if you “consider the long term average.””  The French on the other hand have become vocal over the euros sharp rise, which was in large part triggered by the hawkish tone of ECB President Mario Draghi’s speech at the last ECB conference. He unexpectedly dismissed the prospect of any interest rate cuts by the ECB. Draghi toned down the hawkish tone he adopted last time out, in a bid to appease the political pressure that has grown over the euros strength and its impact on exports. He did not want to say anything to put pressure on government debt. There are plenty who believe the euro could now begin to weaken. “It feels like we’re starting a rotation of worry back to Europe again.”

The inability to get oilsands crude to the right markets is costing the Canadian economy dearly; between $30 million and $70 million every day. “Abandoning this industry to oil producing countries with lower standards is not leadership.”  Premier Brad Wall of the Saskatchewan government, along with 10 U.S. governors, signed a letter urging U.S. President Barack Obama to approve the Keystone XL pipeline.

China has become the world’s #1 trading partner surpassing The U.S.A..

The Pope is stepping down citing poor health and age as his inability to carry out his responsibilities. As a result a new conspiracy unfolds and the speculation of the end of the world scenario arises. Stay tuned to this one.            www.donfilippo.ca

 

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