Forex Interplay: Euro vs. Dollar As Risk Appetite Returns
November 24, 2008
Grace Cheng submits:
The euro moved sharply higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2895 level and was supported around the $1.2565 level.
Risk appetite returned to the market as traders mulled Obama’s appointment of Geithner and the tripartite Federal Reserve / U.S. Treasury / FDIC bailout of troubled U.S. banking giant Citigroup (C). Government officials will provide Citigroup with US$ 20 billion of fresh balance sheet capitalization and will absorb up to US$ 306 billion of the bank’s troubled assets. The Bush administration warned that Citigroup’s bailout may not be the final one and Citigroup’s shares were up more than 50% mid-way through the trading session.
Forex Interplay: Euro vs. Dollar As Risk Appetite Returns
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