Eurogroup's Jean-Claude Juncker is on the wires stating that the EURO is overvalued. Here are some of his comments:
- Everything should be done to save Greece
- Greece- you cannot expect others to show solidarity if you cannot sort yourself out internally
- Euro Zone FX rate objectively overvalued vs. other major currencies
- Inclined to think Euro Zone should make FX policy
- ECB working on formula for Greece that would not be seen as default by rating agencies
- Cannot go back on promise of no Greek restructuring
- Not all Greek problems can be solved via privatization
- Greece is on track to realize its objectives
- Will not discuss anything that has to do with Greece leaving Euro Zone
- Will never achieve what is needed unless there is consensus in Greece
EUR/USD is currently trading at 1.4570 down 60 pips on the day, -.4%.
We will have to wait till Thursday June 9, 7:45AM EST, for the ECB interest rate decision, specifically Trichet's press conference for hints of EURO overvaluation, vigilance, and future interest rate hike hints.