Tuesday October 19, 2010 - 13:31:53 GMT
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Geithner Comment Rallies U.S. Dollar; British Pound on Defensive
The U.S. Dollar is posting strong gains this morning
following comments by Treasury Secretary Geithner. In a speech, Geithner
pledged that the Obama administration will not devalue the currency.
This morning the Dollar is trading higher, but still under
yesterdayâ€™s high. Watch for an acceleration to the upside if 77.86 gets taken
The British Pound is on the defensive as traders take
protection ahead of Wednesdayâ€™s release of minutes from the Bank of Englandâ€™s
latest monetary policy meeting. Long traders are paring positions on the notion
that the BoEâ€™s minutes may suggest further monetary easing.
The BoEâ€™s minutes are important because they will give
traders a good idea as to how close it is to announcing additional asset
purchases known as quantitative easing.
BoE members are also expected to express their concerns
about further government spending cuts. Some feel that the economy is too
fragile to handle additional cuts at this time, therefore putting the economy
in position to fall into another recession.
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