QuoteDisliked21:14 EUR/USD: Recovers Strongly into the Close on Trichet September 12.
EUR/USD has recovered strongly right on the NY close after extremely hawkish
comments from ECB President Trichet. Trichet said "we are facing shocks of great
magnitude" and "have to do what is needed to protect price stability medium
term". The Euro has jumped from around 1.3975 to 1.4025 since the announcement.
The Trichet comments plus the Lehman possible takeover news has put a dampener
on the US dollar on the opening of the Asia session and given the moves we have
seen this week a strong recovery in the Euro, AUD etc to close the week looks
possible. Wall Street certainly likes the Lehman possible resolution news with
the Dow recovering strongly late in the NY session to finish up 1.46%.
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