EUR

this euro game is looking all too predictable..a pathetic rise to 1.30 then a fall..i warned u guys yesterday we will get an overbought level then collapse now targetting 1.26 this week.

please ashraf explain what happen in the euro at the begining we thiught is profit taking after 300pips rally but now it seems its a real trend thanks

they are playing dirty game as i said do opposite what they show us indexes are up crude is down bailout euro euro is down be carefull

WASHINGTON (Dow Jones)--The U.S. Federal Reserve Monday said it expects to soon release the legal details of a rescue program it revived with foreign central banks, as it strives to boost its image with the public at home.

The Fed also stressed it isn't exposed to any foreign exchange or private bank risks through the dollar swap facilities that were revived Sunday to help prevent Europe's debt woes from spreading to global financial markets.

The Fed's rescue program has come under attack by some lawmakers in Congress, who say it amounts to a secretive U.S. central bank bailing out foreigners. The U.S. central bank is at the centre of a regulatory overhaul that could reshape its powers.

In a frequently-asked-questions statement accompanying confirmation the Bank of Japan would also re-open the swap lines, the Fed said the "underlying legal agreements with foreign central banks" would be released shortly. It added swap activity will be published weekly and that the facilities don't carry risks.

"Dollars provided through the reciprocal currency swaps are provided by the Federal Reserve to foreign central banks, not to the institutions obtaining the funding in these operations," the Fed said.

The U.S. central bank Sunday said it would re-open the emergency lending tool used during the 2008 financial crisis which allowed it to ship billions of dollars to the European Central Bank and central banks in Japan, Switzerland, the U.K. and Canada.

The ECB, Bank of England and the Swiss National Bank plan to use the swap lines this week, the Fed said. The central banks of Japan and Canada haven't yet scheduled any use of the swap lines.

The Fed is aiming to further boost its transparency and image with the public. The U.S. Congress is rewriting a financial regulatory overhaul that could rein in the Fed amid sharp criticism of its actions before and during the financial crisis.


-By Luca Di Leo, Dow Jones Newswires; 202 862 6682; luca.dileo@dowjones.com

Since i feel unsecure without a theory I made another one ( theories are like fiat money by the way)
supposed that the emergency fails and Eur turns frozen, illiquid, then eurozone has little choice but to accept USD as currency. Since there are Euros left to exchange in USD left it makes indeed sense to rake in as much physical gold as possible.