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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who started this subject2/16/2004 10:19:57 AM
From: gregor_us  Read Replies (9) of 116555
 
Debate Over Friday EUR/USD Activity Continues.

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The U.S. trade Friday

The euro tumbled against the U.S. dollar Friday after failing to break above the $1.29 barrier.

Rumors swirled through the markets that the European Central Bank or another European national bank had sold euros to drive the single currency lower, but analysts said it was more likely that private traders had been selling large positions as options expired.

Gary Noone, a currency analyst at MMS in London, cited speculation that German banks were acting on behalf of the Bundesbank or European Central Bank. However, there was no confirmation of any official action in the currency market.

"I'm confident it was not the ECB," said Marc Chandler, an analyst at HSBC in New York. He said large traders sold as much as 1 billion euros through a German bank, thus fueling the rumors.

Still, the move had all the trademarks of central bank intervention, another analyst said. "This is way greater than any profit-taking when the currency drops 1 cent in less than 15 minutes," said Ashraf Laidi, chief currency analyst at MG Financial in New York.

The ECB hasn't intervened since November 2000.

cbs.marketwatch.com
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