EUR/USD: Eurogroup's Juncker says EURO Overvalued

By | June 06 2011 4:17 PM

Eurogroup's Jean-Claude Juncker is on the wires stating that the EURO is overvalued. Here are some of his comments:

Reuters

Luxembourg's PM Juncker looks at IMF Deputy Managing Director Shafik during an eurozone finance ministers meeting in Bru...

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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.