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Wednesday May 19, 2010 - 04:11:59 GMT
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ImperialFXonline : Daily FX ReviewGerman ban of short-selling in selected securities sends euro to fresh multi-year low
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www.imperialFXonline.comThe euro plummeted to a fresh 4-year low against the dollar on Tuesday after Germany introduced regulations to ban naked short-selling of euro-dominated government bonds and their related credit default swaps, as well as the shares of ten of the nation's major financial institutions. The eur/usd fell to as low as 1.2145 while the eur/jpy declined over 2 percent to around 111.28 as the heavy selling commenced in the New York session on increased fears of uncertainty in the financial markets.The yen rallied across the board as its status as a safe-haven currency attracted investors who offloaded their riskier assets, with the usd/jpy falling below the 92.00 level and the yen gaining over 2 percent against other majors such as the Australian and New Zealand dollar and sterling. The pound penetrated its recent low of 1.4252 versus the greenback but was able to rise against the euro to pressure the eur/gbp cross down towards the 0.8500 level.Stocks in the U.S. closed down over one percent, losing their early gains after the news of the German government regulations came out. The increased risk aversion sent crude oil prices to a 7-month low as investors remain concerned that the economic recovery will be affected by the latest developments out of the eurozone.Disclaimer: Imperial Forex has taken reasonable measures to ensure the accuracy of the information of this article, however, does not guarantee its accuracy, completeness and timeliness, and will not accept liability for any loss or damage which may arise directly or indirectly from the content. Imperial Forex will not accept any liability for loss or damage as a result of reliance on the information contained within this article or on its website including data, quotes, charts and buy/sell signals.
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