FX markets awaken to moral hazard Commerzbank says as it seems European officials are happy to look at Europe as the cow to be milked but equally happy to let someone else feed it, giving currency traders more reasons to maintain their negative outlook on the single currency, the bank says. "The fact that France continues to oppose the EU's right to take any countries which refuse to meet the stability criteria with their budgets to the European Court of Justice, while at the same time supporting the introduction of Eurobonds as a way of 'communitising' debt fits the picture." EUR/USD at 1.2420.
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