The more hawkish rhetoric we've had from the ECB and talk of the next move in interest rates being up is protecting the euro a little. The problem the market has is that it's tougher talk, but action is still some way away.
More Quotes from Daragh Maher:
In the end, rates are set to rise and it would be a mistake to see recent comments as a commitment to keeping rates unchanged for a prolonged period -- low, yes, but not unchanged.Daragh Maher
We will probably see inflation holding around 2.4 percent and it is still benign. Things are generally improving in the euro zone and I don't think this story will be derailed by the PMI.
Daragh Maher
There is a big hangover from soft U.S. data we had yesterday which worked in the direction of dollar weakness.
Daragh Maher
The dollar is drifting downwards. There is an inclination to sell dollars -- the current account deficit is the underlying concern. We need to see a big upward surprise in U.S. data to change the sentiment.
Daragh Maher
I'd be a bit nervous about the pound's rally recently. We've not seen enough evidence of a pickup in growth and the focus is still on the next rate cut, which I think we'll get in February.
Daragh Maher
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