Forex Flash: Genuine shift in preference of € as ugly/funding currency - NAB

FXstreet.com (Barcelona) - The sharp drop in deposits at the ECB in the week ended this Wednesday, to EUR324bn from EUR808bn the prior week, according to NAB Reseatch Team, "provides a stark illustration that the move lower in the single currency since the ECB slashed the deposit rate to zero on July 5 is the result of a genuine shift in preference towards the euro as either whipping boy or funding currency of choice."