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Forex pairs in this Article » EUR/USD (Barcelona) - Stephen Gallo, European Head of Currency Strategy at BMO Capital Markets comments that timing is everything for the ECB, particularly as regards the results of its actions on the EUR.

Key Quotes

"If we push to the side for a moment the risks of the ECB surprising agressively in December, we suspect the Bank will for the time being accept that it will have limited success in forcing the EUR materially lower."

"However, persistent rhetoric in the weeks ahead and possible upside risks facing the USD will buy the ECB some time until the timing for more action is right during 1H 2014."

"Recent actions of the ECB suggest that it is managing the strong EUR element as one of its policy variables quite actively, and in a progressive manner."
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