The future of the global economy remains uncertain and there are questions about Europe's ability to weather new shocks. That's the new worrying verdict of the president of the European Central Bank. As David Pollard reports, it comes after the latest Fed minutes sent the dollar downwards.
Look and look again but there's little to give any clear direction. These traders seeing markets edge up then down after opening - on a mixed set of economic signals. German industrial output fell less than expected in February. That's a plus - but an ever stronger and stronger euro could yet prove a big minus for Europe's exporters. The single currency got another unwelcome boost from the latest Federal Reserve minutes - and is now up 8 per cent against the dollar since December. (SOUNDBITE) (German) CAPITAL MARKETS ANALYST, OLIVER ROTH, SAYING: "The minutes make clear that the Fed is all but united. At its last meeting, Janet Yellen had to put her foot down. There is still no clarity, which in turn gives hope that interest rates in the U.S. will stay low." That too should be a plus, at least for stocks. But the worry is over the global headwinds mentioned by the Fed - and now in Europe too by Mario Draghi. His latest ECB report points to continued "uncertainty" and "disinflationary forces." While in Japan, the same dollar outflows have the yen breaking above key levels. Casting more doubts on the Bank of Japan's QE and negative rate policies. (SOUNDBITE) (English) BRENDA KELLY, HEAD ANALYST, LONDON CAPITAL GROUP, BRENDA KELLY, SAYING: "We're going to be looking at a little bit of softness in the global economy for some time to come. And of course you have the rout in commodity prices which are really manifesting not only a supply glut but also that of the lower demand. But there have been a few bright spots in the last few days, particularly in relation to China." Where exports are expected to improve, according to the latest briefing from the commerce ministry. Though even that came with the caveat that 2016 will see "downward pressure." A hint perhaps that even its economic wobbles may be far from over yet.