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Forex Flash: Draghi tried to talk down the Euro – Nomura

Nomura economist Nick Matthews notes that on an eventful day of central bank action, he felt that ECB President was actively trying to talk down the Euro.

He feels that the quote of the day was “On the exchange rate. Well the first thing is that the appreciation is in a sense a sign of return of confidence in the euro. But net of the return of confidence, exchange rates should reflect fundamentals and by and large both the nominal and the real effective exchange rates are on their – or about their – long-run averages. However, as I said last time the exchange rate is not a policy target but it’s important for growth and price stability and we’ll certainly want to see whether the appreciation if sustained will alter our risk assessment as far as price stability is concerned. In any event, next month we will have the new projections. In the meantime, we will maintain our accommodative monetary policy stance and we will closely monitor money market developments.”

Forex Flash: Bids halts EUR/USD Draghi nosedive – BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman believes that the nosedive to post a low at 1.3375 yesterday was merely corrective and is anticipating the resumption of the Euro´s up-trend. He highlights that this is the type of pull back, more than 2% of the high, that offers opportunities for short and medium term participants.
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Forex Flash: What lies ahead of EUR/USD? – Commerzbank, BTMU and UBS

The shared currency has managed to put the ECB meeting in the rear window and is currently posting fresh highs in the proximities of 1.3420, buoyed by the likeliness of an agreement from the...
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