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Forex Flash: Euro up 3.5% since last ECB meeting - Societe Generale

Since the last ECB press conference, Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that 2-year Euro interest rates have risen by almost 25bp, and the Euro has gained 3.5%.

He comments that there was no policy change 4 weeks ago, which merely serves as clarification that with the sovereign credit crisis in abeyance, the ECB was going back to its day job of focusing on inflation. He sees that the size of the FX move has led some to wonder whether Mr Draghi will try to sound a little more dovish this time around, and disappointment on that front (EUR/USD has averaged 1.37 over the last 5 years and it’s hard to see why Mr. Draghi would sound alarmed just yet) could give the Euro a bit of a lift.

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