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5 Jan 2015
COFER data confirms Central Banks offload Euro - DB
FXStreet (Bali) - COFER data confirms Central Banks offload Euro, notes Alan Ruskin, Macro strategist at Deutsche Bank.
Key Quotes
"The latest Q3 IMF COFER data adjusted for the changes in currency valuations, shows a large reserve allocation out of Euros on the quarter. The data fits with the story that the difficulties in preserving capital after negative EUR deposit rates were imposed had a substantial impact on Central Bank’s reserve holdings of EUR, contributing to the 5 year trend reduction in the EUR’s share of global allocated reserves, to their lowest levels since 2002."
Key Quotes
"The latest Q3 IMF COFER data adjusted for the changes in currency valuations, shows a large reserve allocation out of Euros on the quarter. The data fits with the story that the difficulties in preserving capital after negative EUR deposit rates were imposed had a substantial impact on Central Bank’s reserve holdings of EUR, contributing to the 5 year trend reduction in the EUR’s share of global allocated reserves, to their lowest levels since 2002."