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Holiday Update

May 31, 2010
UK and US markets are closed. Quieter trading has seen the US dollar pare some of the late Friday gains scored in the wake of the Fitch downgrade of Spanish sovereign risk.
The combination of only a one notch move, when many observers, including ourselves, believe more is justified, and a stable outlook has seems to be a case of "it could be …
Holiday Update Holiday Update Reviewed by Marc Chandler on May 31, 2010 Rating: 5
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Euro Surrenders Earlier Gains

May 28, 2010
The euro has surrendered its earlier gain, dropping a full cent from the session highs set in early Europe just above $1.2450.
The short-term technical indicators were a bit stretched, but the proximate cause seems to be news from the Germany's Bafin, the financial regulator, that the German government remains committed to the naked short ban …
Euro Surrenders Earlier Gains Euro Surrenders Earlier Gains Reviewed by Marc Chandler on May 28, 2010 Rating: 5
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Fallout

May 28, 2010
Increasingly policy makers and investors are thinking about the consequences of the European financial crisis. The following focuses on two such consequences that are unlikely to appear on other lists. The attempt here is to be additive not exhaustive.
Europe: Re-writing the Social Contract This year was supposed to be about the US and UK exiting qu…
Fallout Fallout Reviewed by Marc Chandler on May 28, 2010 Rating: 5
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Euro, Canadian Dollar, Swedish Krona, Yen

May 28, 2010
The euro has broken above the $1.2350-$1.2400 band of resistance that has capped the corrective upticks in recent days. If this is sustained, we have suggested there is potential in the coming sessions toward $1.2600.
Our constructive outlook for the dollar was never based solely on Europe’s woes, though of course that has been the dominant factor…
Euro, Canadian Dollar, Swedish Krona, Yen Euro, Canadian Dollar, Swedish Krona, Yen Reviewed by Marc Chandler on May 28, 2010 Rating: 5
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Euro in Play, Calmer Markets

May 28, 2010
The US dollar is mostly little changed today. The main feature is the covering of short euro positions and this has lifted the single currency to new four-day highs against the dollar.
As I have noted in recent days, its downside momentum had faded and the near-term risk was bout of position squaring.
Euro in Play, Calmer Markets Euro in Play, Calmer Markets Reviewed by Marc Chandler on May 28, 2010 Rating: 5
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