by Thu, 12 May 2011 02:30:00 +0200
Forex Flash: Risk for the euro remains to the downside
FXstreet.com (Barcelona) - FX markets are calmer today in Asia, although sentiment remains uneasy and sensitive to European developments. EUR/USD has been grinding higher to presently stay at 1.4220 on a much-needed technical correction.
The sense from Nick Bennenbroek, Head of Currency Strategy at Wells Fargo Bank in this instance is that no news is actually bad news, and that, while the way forward for European markets remains uncertain, the risk for the euro remains to the downside.
That uncertainty is also rippling through to other European currencies, with the Swiss franc, Scandinavian currencies and regional emerging currencies thought to remain under pressure too.
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