It highlights that a great deal of investment is flowing out of the euro area and into the U.S., the U.K. and elsewhere.
More Quotes from Tony Norfield:
It's another case of euro-optimism being dashed by events,Tony Norfield
The dollar started a bit stronger today, then weakened a bit after the broadcasting of the bin Laden audio tape.
Tony Norfield
We have a bit of a conflict between the cyclical factors, which are still reasonably positive for the dollar, and structural worries that are going on.
Tony Norfield
This is unlikely to be a significant negative for the dollar. They're unlikely to start moving heavily out of dollars as U.S. assets still yield more than in Europe or other countries.
Tony Norfield
We don't have much of a history that would tell us what the ECB is going to do. All sorts of scenarios are possible.
Tony Norfield
It's an incremental step to develop its foreign-exchange market and make its currency more transparent. The central bank has been heavily involved in the market and will probably still intervene.
Tony Norfield
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