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Forex Flash: More Eurozone leaders worried of a useless euro than a “dangerously high one” – TD Securities

By FXstreet.com,  January 16, 2013, 06:50:00 AM EDT

FXstreet.com (Barcelona) - TD Securities analysts say that the market will be more focused and sensitive to Eurozone speakers given Juncker's concerned comments on the "dangerously high" euro yesterday, and so, the second print of December EMU HICP inflation (unchanged at 2.2% as expected) didn't do much to the market.

"The ECB's Nowotny talked down Juncker's statements by saying that currency wars are self defeating and that the euro was not a matter of major concern", wrote TD Securities analysts. "This echo's Draghi's nonchalant response regarding the currency last week, and we think Junker's comments may have more to do with the fact that he is meant to leave the Presidency of the Eurogroup soon and this was a chance for him to perhaps take some of the steam out of the currency in a way an incoming President would not want to weigh in so early in their tenure", explained strategist Marcin Budkiewicz, believing there are more Eurozone leaders worried about EUR/USD "getting perilously close to zero than they are thinking it is dangerously high".




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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