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.