Analysts at Scotiabank explained that the EUR picked up some support from ECB GC member Lane’s comment downplaying the recent appreciation in the EUR, while cautioning that policymakers needed to be on guard for sudden spurts of appreciation.
"Italy is still sorting through the outcome of its general election but today’s BTP bond auction was relatively well-received this morning, suggesting investors are comfortable with political risk prospects. We note recent trends in Eurozone net portfolio and investment flows suggest that international investors are slowly but surely returning to European markets which we expect to provide the broader underpinning for the EUR."
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