Daily FX Report Tuesday 9th February 2010

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The Euro's dramatic slump slowed down last night, with some commentators fearing that the currency may be oversold, however data suggests that we could be in for a rocky period. The Chicago Mercantile Exchange showed that net short positions against the Euro rose from 39,500 contracts to 43,700. The Greek Prime Minister has denounced speculators.

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Market News

  • Jean Claude Trichet is reportedly leaving a Sydney meeting of central bankers early to attend the European Council meeting on Thursday
  • Greek civil servants threatened to strike on Monday in response to the government cutbacks
  • Global stock markets have pulled back in reaction to the Greek fiscal crisis, with the Dow now trading below the 10,000 level for the first time since November 4th
  • Goldman Sachs have cut their view on Greek and Italian banks to Sell
  • In the UK, traders await the Bank of England's Inflation report, scheduled for release on Wednesday

Major Economic News

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MARKET DATA

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US Wholesale Inventories

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