No alarm from Dutch Finance Minister de Jager on the low level of the euro, saying it is at its historic average. He has no doubt about the sustainability of the euro zone but says the euro zone needs fiscal consolidation.
In terms of his “long-term average” comment, he is spot-on. The 200 week moving average is at 1.1877, a pip above the overnight low….spooky.
EUR/USD is underpinned by EUR/JPY short-covering as markets stabilize after weakness late last week.
EUR/USD trades at 1.1975.
