More from ECB's Rehn: Euro appreciation helped ECB reach 2% inflation target ...Middle East

ECB is in a good place, but no reason for complacency.Can't allow inflation undershoot to shift expectations.Concerned about inflation being below target for an extended time.Exchange rate is not a policy target.Risks to inflation are two-sided.The Euro has real chance to become more important.

All else being equal (and it rarely stays like that), if the euro continues to surge and goes beyond 1.20, we could see ECB speakers considering more than one rate cut, especially if inflation falls below target for an extended period of time.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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