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Merkel Says Euro Is "Too Weak", Blames ECB

Monday, May 22 2017
Merkel Says Euro Is "Too Weak", Blames ECB

According to Bloomberg, Merkel was quoted as saying “The euro is too weak - and that’s because of ECB policy  - and so German products are cheap in relative terms,” Merkel told school students in Berlin in discussion of trade surplus. “So they’re sold more.” Merkel added that additional investment in Germany could help to reduce trade surplus.

The immediate result of this latest attack on the ECB, this time not by Draghi's nemesis Schauble but by the Chancellor herself, was to send Bunds sliding to session low, with volumes surging as ~8k trades in 1 minute. the Euribor strip eding steeper; and most importantly, the EUR/USD spiking nearly 50 pips to day’s high of 1.1228.

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