If you look at the G10 exchange rate movements since October 24 (since the publication of the euro area PMIs), it is striking that, on the one hand, the Euro has been by far the best-performing currency, but on the other hand, it has been the currency that contributed least to the volatility of G10 exchange rates, Commerzbank’s Head of FX and Commodity Research Ulrich Leuchtmann notes.
“What does it mean when a currency has covered a lot of ground but with low volatility? It cannot have moved much in the opposite direction. Indeed, the euro has appreciated against the G10 average on every single trading day since then.”
“In other words: we are observing a clear trend (for statisticians: a clear deterministic trend component). In a reasonably efficient market, this is not a permanent condition, but an indication that the market is undergoing a significant re-evaluation and is searching for new equilibrium levels for EUR exchange rates.”
“As much as I enjoy EUR strength, I have to admit that this phase should not last forever. At some point, the revaluation of the euro will be complete. I would even consider it quite bold to jump on the bandwagon of idiosyncratic EUR strength at this point.”
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