Draghi testimony key in the week ahead for euro - UBS

FXstreet.com (Barcelona) - "The euro has largely been a - beneficial - bystander of developments in Japan, China and America in the past week. This is despite concerns about Portugal's bail-out programme going off-track, Cyprus needing even funds and Italy remaining without a new government," noted Mansoor Mohi-uddin, Head of Foreign Exchange Strategy at UBS

"We would be wary though of chasing the euro higher. In particular European Central Bank President Draghi has already warned that a rising euro could alter the central bank's outlook. That would raise the prospect of the ECB cutting interest rates from 0.75% for its benchmark rate," he added.