The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4950 level and was capped around the $1.5050 level. U.S. Treasury Secretary Geithner today in Singapore said (The U.S.) is likely to have to borrow substantially less than we initially anticipated to help repar the damage to our financial system. Geithner yesterday verbally intervened to support the U.S. dollar and his comments make it clear the U.S. is trying to be accountable to large holders of U.S. dollars and U.S. debt. Data released in the U.S. today saw weekly initial jobless claims print at 502,000, down from a revised 514,000, while continuing jobless claims moved lower to 5.631 million. Philadelphia Fed President Plosser said the direction of U.S. interest rates will be contingent on the path of the economy and of inflation. In eurozone news, the European Central Bank's November bulletin indicated the eurozone economy is likely to be stronger than previously anticipated with inflation remaining well below their 2% ceiling target through 2011. The ECB is clearly in no hurry to raise interest rates and will likely keep them unchanged through at least the first quarter of 2010. Nonetheless, ECB President Trichet reported some of the central bank's long-term financing auctions will end next month. Data released in the eurozone today saw September EMU-16 industrial production climb 0.3% and was off 12.9% y/y. Euro bids are cited around the US$ 1.4445 level.