Flash: EUR/USD drifts above 1.3300 - BTMU

FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that EUR/USD has also drifted above the 1.3300 level.

Further, he continues to note that the high yesterday in EUR/USD of 1.3318 was the highest since 25th February. He comments that the emerging markets liquidation is helping not just the dollar but also the euro as carry positions are unwound. As such he feels that there’s not much fundamental justification for further gains and we maintain that this euro demand will peter out close to current levels.