EUR Trading Outlook (23-11-2011)
The Euro (EUR) initially rallied against the USD to highs of 1.3570 in European trade on news that the IMF would allow countries to borrow as much as 5 times the original value of that country’s quota over 6 months boost sentiment. Yet the market reversal was significant as reports circulated of possible collapse of a Dexia rescue plan may place France’s AAA rating under pressure, ensuring the Euro unraveled any gains to trade at 1.3460 in Wednesdays Asian session
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