Lorenzo Codogno Euro Quotations

We believe that the long-awaited shift from soft to hard data is evidence of a recovery in euro zone private consumption has started, and will likely proceed gradually and modestly over the coming months, in line with the expected improvement in household real disposable income.

This could provide a small additional backing to the idea that the euro zone economy is recovering and therefore might support an early hike,

It's not that clear cut that intervention will have an impact, ... What appears to be driving down the euro are money flows out of the euro zone. If this is the case, it is not the optimal moment for currency intervention.

The main reason for the euro rebound is the sharp slowdown in the U.S. economy, ... The European economy is slowing, but the deceleration is going to be much quicker and harder in the U.S.