10 Jun 2013
Flash: A quiet start to the European week - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ sees that it will be a relatively quiet start to the week in Europe with regards to economic data releases.
He notes that EUR/USD is drifting back into its recent rough 1.28-1.32 trading range following the stronger US employment report and the euro overreaction to the less dovish than expected press conference from ECB President Draghi from late last week is also correcting. He writes, “The door was still left open for further monetary easing if required in coming months. Market attention may focus tomorrow upon a two-day hearing of experts over the legality of the ECB’s OMT programme and ESM at the German Constitutional Court although a final ruling is not expected before the fall.”
He notes that EUR/USD is drifting back into its recent rough 1.28-1.32 trading range following the stronger US employment report and the euro overreaction to the less dovish than expected press conference from ECB President Draghi from late last week is also correcting. He writes, “The door was still left open for further monetary easing if required in coming months. Market attention may focus tomorrow upon a two-day hearing of experts over the legality of the ECB’s OMT programme and ESM at the German Constitutional Court although a final ruling is not expected before the fall.”