Royal Bank of Scotland - "What drives EUR higher is potentially some combination of: a late flood of money into Southern Europe; tightening liquidity in Euro zone money markets unless/until ECB actually eases; a robust Euro zone current account surplus; and the possibility of more reserve manager diversification demand for EUR.
(...) A global FX pain trade for the next few weeks is still EUR/USD higher to/through 1.40. (...) Any EUR/USD upside over coming weeks is likely to be limited and multi-month, we continue to forecast EUR/USD lower. A hig her currency would almost certainly be met with a new barrage of verbal intervention."

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Tags: EUR higher, EUR/USD, EURUSD, RBS, Royal Bank of Scotland

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