Research (Česká spořitelna)
Currencies  |  February 07, 2013 08:41:14

Merkel's spokesman: The weakening of the euro is not a problem

A spokesman for German Chancellor Angela Merkel yesterday indirectly Hollande responded to the words that the euro is overvalued and that they should be arranged in any medium EMU on target when he said he saw no problem - EUR strengthened from 1.353 to 1.35 after comment, then returned to the momentary 1353, waiting for today's ECB. According to us, the euro is still a bit stronger than we expected, but if you will not go over 1.37, see no reason why 1) are very dissatisfied 2) open short EURUSD. Today meets ECB rate change does not wait, see what comments, especially the EURUSD, but we do not expect that Draghi would come up with something revolutionary.With improving data in Germany and fiscal policy in the U.S., I was inclined slightly weaker dollar, although this would prove to Berlusconi with euro move ... from the moment this couple hands off and wait.
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