The ECB raised rates last week and this, of course, is what the governor of the Bank of Italy is alluding to in terms of the efficacy of European timing.
European and Australian central bankers continue to have this right. Their respective currencies are the current "Kings" of the foreign currency market, as a result. King Dollar is nothing but a historical name that used to actually mean something other than lip service.
The US Peso is wallowing again this morning, stoking inflation, on the heels of helicopter Ben Bernanke assuring investment bankers yesterday that he is there to bail them out.