ECB’s Constancio: No swift dollar fall; would be undesirable

Source: www.forexlive.com

Portuguese central banker Constancio repeats that he does not see a swift dollar fall ahead and says it would be undesirable if it occurred. He made similar comments last week, but there has been a swift dollar fall since then! He adds the US needs a gradual rise in its savings rate to adjust global imbalances. We saw evidence of a rising savings rate yesterday, as it reached 5.7% in the latest data, the highest since 1995. EUR/USD is consolidating around 1.4275 after a rally to 1.4314 shortly after the 15:00 GMT London fixing.


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