Volkswagen woes sweeps the Euro against majors– SocGen

FXStreet (Delhi) – Research team at Societe Generale, suggest that it's unusual for events in a single company to become a driver of global markets but that's what is happening now with Volkswagen.

Key Quotes

“The woes of the world's second-biggest car manufacturer are doing nothing for economic optimism or risk appetite and they are undermining the euro, against both dollar and yen.”

“Both the pairs are now camped-out below their 200-day moving averages and looking a bit sickly. Because the driver of the downturn in mood is so company-specific I'm not sure the foundations of the euro's fall are terribly solid, but as the news-flow goes on the move can gain a momentum of its own.”