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Forex Flash: Don't hold your breath for a friendly outcome from the EU summit - Scotia Bank

By FXstreet.com,  June 25, 2012, 07:59:00 PM EDT

FXstreet.com (Barcelona) - One should not hold its breath for a concrete plan to come out of the EU Summit including an increase in debt liabilities aka debt mutualization, says Scotia Bank in a research note. The most likely steps to be taken at the Summit, according to the bank, are a banking union, "through deposit insurance, supervision and potentially a recapitalization fund and growth measures, which could include the potential for infrastructure spending through project bonds," the bank says. This partial solution will fall short from being a circuit breaker, and will cause the Euro to trade lower against the US dollar, potentially hitting 1.22 by month-end.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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