News Headline Summary

ECB's Nowotny says EUR exchange rate is within normal ranges

Says:
- EUR has risen against JPY but not to dramatic extent.
- Talk of a currency war is absolutely unnecessary.
- Reiterates sees Eurozone economy hitting low point in Q1 then gradually improving.
- Eurozone crisis over for financial markets, not yet over for the real economy.
- SNB more likely to raise target to 1.30 than lower.

Reaction details (11:49)

- A small move higher was seen in EUR/USD following these comments, moving 5 pips higher to 1.3355 before paring; trades 1.3350 last.

Analysis details (11:35)

- These comments are similar to those seen from Nowotny over the weekend who said said it is too early to say that the European debt crisis has ended though there's no doubt the Euro area is more stable and secure than six months ago.

18 Feb 2013 - 11:30 - - Source: Newswires

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