European Central Bank council member Ewald Nowotny said there are arguments in favor of giving Europ’s rescue fund a banking liscense, reopening the debate on bolstering its firepower as leaders face the prospect of a full-scale Spanish bailout. (Source: Bloomberg).

This has provided a spike in Euro and pullback in non-agri commodity prices. However the impact may last only for a short time as rigid policy framework is out of the table as far as present developments are concerned and may likely continue to have negative impact on commodity prices.

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