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FX Update: European Midday

Posted:17/11/2008 11:53 by Peter Burnside
The weekend G20 meeting provided little for the FX market, with external factors and one-off order flows dictating price action. Equity markets tried to push higher, but entered the end of the European morning under pressure. Nevertheless, JPY and CHF traded at softer levels compared with European opening levels, with short covering activity via the euro and sterling influencing price action. Good sterling buy backs from an Asian reserve manager and a leading US house lifted Cable above 1.4950 and EUR/USD tracked the pair higher to test 1.2700. Meanwhile, EUR/JPY traded above 123.00 for a short while before turning back below 122.50 and EUR/CHF traded above 1.5100. The interest going through the crosses kept USD/JPY underpinned towards 96.50 despite a softer dollar tone and the lack of risk appetite generally. click here to return to the top of the page
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