Friday saw Natwest Markets note that "the......>

EURO: Friday saw Natwest Markets note that "the EUR has struggled to shake-off

worries about Eurozone political cohesion. While our long-term analysis suggests

valuations are stretched to the downside, reversion will need a trigger. Our

short-term Rich/Cheap model suggests EUR/USD is currently too high. The reaction

to this week's German Constitutional Court (GCC) ruling highlights which side

investors' confirmation bias leans towards and how difficult it will be for

EUR/USD to rise in the near-term. We therefore close our long EUR/USD position.

At the same time, we enter a new short EUR position against a basket of European

crosses (SEK, NOK, GBP, PLN and CZK)."