Crunch Time for the Dollar! Mr. Trichet has spoken… |
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The bank has opened the door for cuts! The inflationary pressures have been diminished as he said, but they have not disappeared. He spoke to the reporters concerning the slowing of the European economy, which is equally as affected by the global economic crisis. His tone was far more dovish than anticipated, and the traders “honored” his words, by heavily selling the European currency against the dollar and other currencies too. The EUR/USD broke important support levels of 1.38 easily and
Filed under: Fundamental
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