The week began with a certain relief in the markets, with a moderately positive jobs report in the U.S., and the ISM service, which although did not offer the expected growth, was not that far.

However, in the afternoon in New York, learned that Standard & Poor's announced shortly his change of perspective for the debt of 17 countries with the euro as currency.

To Sarkozy and Merkel, meeting in Paris, there are probably choking lunch with the news, but worse happened who bought euros at that time: the single currency fell unmitigated from 1.3470 to 1.3370 area in minutes before offering some reprieve.

The forex market has, in this sense, its most unpredictable: These ads are not provided and the time of publication generate unforeseeable movements.

Beyond the operational issue, the European leaders meeting scheduled for Thursday, 8 at night and on Friday 9, seems to be decisive (again) for the future of the euro.

There are many voices, and very authoritative, like Buffett and Soros, who think the way it is, the euro is low life, whatever the measures taken to save it.

The truth is that businesses large and small, money problems are solved with money. And the deficits, whether family, business or nation, are solved by lowering expenses or increasing revenues.

To think that by lowering the cost of debt, increase exports, and maintaining a proper level of subsidies governments of South American countries with no international credibility will improve the situation is a gross error that Europe is committing right now .

There is talk of debt, rate of interest of banks. No mention of production, sales, consumption, exports and growth. When the equation is back, begin to change the situation.

Tuesday's European session returns to the prevailing climate of pessimism, and just after midday stock indexes of the old continent have a profit, although very moderate.

European currencies, meanwhile, recovered positions, once again exceeding the 1.34 euro and the pound sterling above 1.56. In turn, currencies linked to commodities uptrends retake paths, all in the short term.

At 9:00 of the East know the monetary policy announcement by the Bank of Canada, being the most important fact of the day from the macro.