Think the euro's strength today reflects some newfound bullishness about the currency, or a heightened appetite for risk? Think again, says Ulrich Leuchtmann, Head of FX Research at Commerzbank.
"A lot of analysts at the moment are interpreting the up move in euro dollar as a huge surge in risk appetite. But I'm not sure about this interpretation," he told CNBC.
Rather, he said, all the upheaval in Japan and Libya is distracting traders.
"The market is a little bit forgetting about the problems in the eurozone at the moment," he said. But with meetings in Brussels later this week, traders may not stay distracted for long.
Watch the whole interview right here.