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Euro showing remarkable resilience – Rabobank

FXStreet (Delhi) – Elwin de Groot, Senior Eurozone Strategist at Rabobank, notes that the Eurodollar briefly pushed through the 1.14 level, which is at the upper end of its trading range since May, when volatility in financial markets took off.

Key Quotes

“Despite ongoing speculation that the ECB may have to do more, reflected in 10y Bunds trading below 60bps again, the euro has been showing remarkable resilience. Of all markets, European money markets seem to be the most consistent these days, with Eonia and Euribor forwards trading close to record-lows.”

“What’s more, overnight ECB lending to Eurozone banks fell to zero from Tuesday on Wednesday, for the first time since January 6. Interbank overnight lending also declined to near-YTD lows (EUR 11.6bn yesterday), which is largely a mirror image of the huge amount of excess liquidity (EUR 535bn) sloshing around.”

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