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Two months ago, it was generally considered a slam dunk that the EU economy was going to sink back into recession. Two months later, though, the double dip is missing in action. Today's release of EU confidence in the manufacturing sector for July rose from -6 to -4. While still negative, this represents the highest reading since May 2008, and the 16th straight month without a decline.
The Euro was sitting below 1.20 for most of the past couple of months. I'm guessing Europeans won't be happy if Euro keeps up its climb killing off exports.
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