IMF managing director Strauss-Kahn says that the turning point for the global economy will come in September/October of this year. An early-2010 recovery is the most likely scenario, he says. Banks must rid themselves of toxic assets, he says. Failure to do so could endanger the recovery.
Update: Perhaps the most important comment from Strauss-Kahn was this, according to Reuters: The post-crisis problem will be to unwind fiscal deficits and for governments to return to a private-sector focus. Amen to that…
EUR/USD continues its recovery from early 1.3803 lows, trading now at 1.3882. Offers remain at 1.3900 and 1.3925, traders report.
