Market update

By Jane Foley
20 November 2009 @ 08:57 am EDT

EUR/USD has been under pressure in European hours; the USD finding support despite the modest upward push in European equity indices. Risk appetite has been unsettled by yesterday’s news from Brazil that if would further tighten restrictions to stop short-term speculative inflows and by talk that other emerging countries would follow suit. The Turkish central bank this morning has dismissed talk that it is considering such a move. The better position of the USD in Europe has knocked gold, oil AUD/USD and NZD/USD off their overnight highs. USD/JPY found support in very early London hours on comments from the BoJ’s Shirakawa. Sterling remains under pressure on fears that fiscal consolidation will hinder the potential for growth.

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