June 9, 2010
Euro Breaks into Close after Failing to Hold 1.20
The Dollar rose against the Euro late in the trading session after the release of the Fed’s Beige Book. The business survey showed subdued U.S. economic growth which led
speculators to believe that the Fed won’t be raising interest rates soon despite what investors had earlier interpreted from Chairman Bernanke’s comments.
Some traders also attributed the break to position evening ahead of the European Central Bank’s policy meeting on Thursday. …
