Adam had the news earlier, in between phone calls from Jens Weidmann sobbing across the line:
SMH.
Anyway. CIBC says its bearish for the EUR:
- knee-jerk bearish
- "Lagarde is a politician and likely to rely heavily on ECB staff"
- Which means she will be more reliant on ECB Chief Economist Philip Lane
- Lane's influence on policy will be greater. His most recent comments signalled asset purchases
