FXstereet.com (Barcelona) - The Euro Dollar has given back in Asian session on Monday all the gains posted during the European session, on news of Russian Banks seeking for loans by foreign lenders. A wave of fear of a worsening of the financial turmoil has fuelled the Dollar against the Euro.
The Euro started the week on a strong pace in the European session, to give away gains against the Dollar during the Asian market time, rallying first from 1.2888 to stall at 1.3093, last weeks' high. The European currency cvould not hold gains, and dropped during the Asian session to 1.2800, where, it seems to recover partially to rebound to 1.2875, Monday's low.
The Dollar has also interrupted its rally against the Yen, dropping from four-week high at 92.41 to 90.88 in Asian session, while the GBP/USD continues its rally and, its aiming at resistance level at 1.50, three-week high.