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Wednesday June 9, 2010 - 04:02:50 GMT
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ImperialFXonline : Daily FX Market ReviewEuro bounces away from 4-year low against dollar as U.S. stocks stage late rally
Join Us and Strategize Your FX Tradingwww.imperialFXonline.comThe euro was able to make small gains versus the dollar, yen and sterling on Wednesday on short-covering with the Dow ending the day up over one percent in part due to less-bearish comments from Fed Chairman Ben S. Bernanke, who said that the U.S. should avoid a double-dip recession. However, the single currency fell to a new record low of 1.3746 against the Swiss franc and remained near the day's low despite speculation of intervention by the SNB that lead to a spike in eur/chf and usd/chf. Euro was trading around 1.1950 versus the greenback, not too far away from its 4-year low of 1.1877 made earlier this week.European officials were also on the airwaves, seeking to assure markets that Hungary would not turn out to be the next Greece and that austerity measures would help the troubled euro zone nations in the long run. The sterling, however, came under pressure on negative comments from Fitch Ratings Agency regarding the U.K.'s credit-worthiness, causing the pound to weaken by half a percent against the euro and yen.German factory orders rose by more than expected to give the euro a boost in the European session, but weak European stocks weighed on the single currency before a turnaround was seen in U.S. equities. Spot gold rose to a new record high above $1250 before easing on profit taking.
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