Deutsche Bank - "In the coming week, with the RBA, ECB and BOE meeting, policy nuance will no doubt be particularly important. On the ECB, it is very unlikely that recent market inspired tightening is considered desirable. Draghi may well try to temper the back up in term EURIBOR, although the short-term rate market will need to get through the LTRO2 prepayments on February 22nd before stabilizing. Between attempts to undermine the recent upward drift in rates, and even some subtle hints on excessive FX volatility, the ECB is likely to (only temporarily) dampen enthusiasm for the EUR. The problem the ECB faces is they are perceived to be the only Central Bank fully keeping to the spirit of the G7 non- interventionist script. Meanwhile, the relative ECB/Fed balance sheets still point to further EUR appreciation: 1.40 now looms, and we suggest buying any Draghi-led dip and only paring back strategic EUR/USD longs nearer 1.39. The encroaching question is whether longer-term valuation, starts to encourage long-term EUR bears, of which one measure will be some deviation in long-term risk-reversals favoring EUR/USD’s downside even as spot creeps higher. So far we have seen no sign of this."