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Forex Flash: EUR strives to normalize, LTRO in focus – UBS

The ECB will announce the repayment details for the second LTRO at 11:00 GMT. As highlighted previously, “since last July the euro is striving to 'normalize', and a part of the process involves greater sensitivity to front-end rates – EONIA levels have been essential in strengthening this relationship, and regardless of how the ECB truly feels about it, further withdrawal of excess liquidity via large LTRO repayments will be much sought after by euro bulls, as the currency seeks to avoid heading into the upcoming Italian elections on the back foot.” writes Research Analyst Gareth Berry at UBS.
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Forex: EUR/USD falls to 1.3200 after EU Commission growth forecasts

The European Commission revealed its growth forecasts for the Eurozone and the EUR/USD upside turned sour with a fall back to 1.3200 mark. The EU Commission kept the 2013 GDP forecast at +0.9%, and +1.9% in 2014. German 2013 GDP growth was revised lower from 0.8% to 0.5%. The Greek 2013 GDP was revised lower as well, from -4.2% to -4.4%, but to grow 0.6% in 2014.
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