ECB's Coeure speaking in Davos 26 Jan

  • recent statements about currencies have not been helpful
  • whatever happens to the US dollar remain very important
  • ECB will have to re-assess if ccy levels continue to shift

Yesterday Draghi also launched a thinly veiled attack on Mnuchin. On fx levels he said they will continue to monitor for impact on inflation so ntg new from Coeure.

EURUSD 1.2445 after failing into 1.2500 earlier. EURGBP 0.8734 EURJPY 135.82 in good two-trading still.

Davos hoedown closes today but we can expect more headlines before they head for home, or the slopes.

At least they all seem nicely wrapped up to brave the inclement weather.