Although the European Central Bank meeting is not until June 5th, analysts are already fervently debating whether the Bank will finally give in and lower interest rates, which are desperately needed by some member countries. The next two weeks, in the run-up to the meeting, are chock full of economic signposts. Already released first quarter GDP data were terrible, with Netherlands, Germany and Italy reporting negative numbers. France alone of the larger members was able to eke out a positive reading. The rising value of the euro puts increasing pressure on those who rely on exports for growth. But most important for the ECB, the rising currency should relieve inflation pressures, especially those derived from crude oil, which is priced in dollars.

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