Excerpt from: GFT News
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| August 14, 2007 | | European single currency down on the FX market | The euro is down in currency trading on the FX market today as subprime woes and the credit market continue to cause jitters. Many European companies invested in the U.S. debt market, and now the losses are destabilizing the economy to a degree. The euro is down against both the U.S. dollar and the Japanese yen in forex trading, reports Reuters:
"The market is extremely nervous of any news ... in respect
of exposure to the structured credit market in the U.S.. If we
see any further evidence of that then the market will react very
nervously," Dresdner Kleinwort currency strategist Michael
Klawitter said. "But also the downward pressure in euro/dollar is to some
degree down to the pressure we've seen on euro/yen. Also the
data today has been disappointing," he added. | Topic Tags: currency trading FX market, euro currency trading, euro forex trading, FX market, Japanese yen forex trading, U.S. debt market, U.S. dollar | |
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