The key question for the market is whether they will signal a rate hike before the end of the year.

The results confirm the view that the euro zone export/investment-led recovery is graduating to a more self-sustainable level, supporting expectations of rising interest rates in 2006.

The ECB has to be cautious since risks probably outweigh benefits. So I expect hawkish talk but cautious action.

Friday's trade data allowed the market to focus on the cyclical performance of the U.S. economy. It doesn't appear that the yield difference will shift in favor of the euro any time soon.

Friday's trade data allowed the market to focus on the cyclical performance of the U.S. economy, ... It doesn't appear that the yield difference will shift in favor of the euro any time soon.

The ECB has to be cautious since risks probably outweigh benefits. So I expect hawkish talk but cautious action,