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Why The EUR Remains So Resilient & Where To From Here? - Nomura
Over the last week, the news flow has been decisively Euro-negative with 1) the ECB surprised the market with a 25bp rate cut; 2) France’s sovereign credit rating was downgraded by S&P Ratings; and 3) US payrolls were stronger than expected. Nevertheless, EUR has not been able to break to new lows Relative to levels observed early last week (1.3450-1.3520), the current level of EUR/USD of around 1.34 is only marginally lower. So why does EUR remain so resilient? Nomura outlines 3 main factors behind that: First, it was always going to be difficult for the ECB to move rates dramatically given that spot overnight ... (full story)
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"The meek shall inherit the earth.." Yeah right, good luck with that shit..