Ewald Nowotny of the ECB council is being quoted over Reuters, responding no doubt to increased speculation about Ireland et al having to leave the EUR (speculation which in turn is being driven by market participants with a particular agenda). I wonder where EUR/USD would be trading if Greece, Ireland and Portugal were to drop out?
Whichever way the market flies, we can expect increased volatility in both directions as the market focuses on troubles beleaguering almost every major currency.
