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Wednesday, December 20, 2006

EUR/USD: Trichet Q&A In Focus

Euro watchers are looking to the Trichet Q&A session at present. They are looking for signals on future monetary policy, the higher EUR rates, in fact anything that might inject some short-term volatility. Thus far, the central bank President has talked of the use of the Euro as a reserve currency and the need for stability in the EUR rate.

Elsewhere, light Sterling sales have been noted since the UK data and the resulting cable dip has weighed slightly on EUR/USD. Offers into 1.3240/50 will continue to cap while 1.3200 is seen as the key downside level.

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