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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
The question you have to ask yourself is have you got enough captial to hold you position in Eur/Usd if it goes to the 1.2750 - 1.2850 area - Can you mentally cope with the loss
From this area it should hopefully come down and head to the lower levels
I'm only selling Euro now once it touches 127 and 153 for cable.
Good luck for the day guys, im setting off again, will be out most of the day
should be back by European close
FRANKFURT (Dow Jones)--The European Central Bank and the chairman of the
Eurogroup of euro-zone finance ministers, Jean-Claude Juncker, welcomed the
People's Bank of China pledge to reform the exchange-rate regime of the
renminbi Sunday.
"Given China's important role in the global economy, we encourage the
authorities to allow for greater flexibility of the renminbi effective exchange
rate as a means of promoting balanced growth in China and in the world
economy," the ECB and Juncker said in a joint press release.
"The euro area continues to have a clear interest in a strong and stable
international financial system, as excess volatility and disorderly movements
in exchange rates have adverse implications for economic and financial
stability," they added.
-By Roman Kessler, Dow Jones Newswires, 496929715514,
roman.kessler@dowjones.com
It seems that traders of both ilks, bulls and bears, are lacking commitment to the cause and are unwilling to sit on positions for any length of time. This is typical of the type of trading we usually get in July and August. The falls of this morning have been reversed and both the EUR/USD and the AUD/USD are putting in session highs as we approah the London open. Almost an exact carbon copy of yesterdays trade.