Dealers note strong selling by Mid-Eastern and Far Eastern accounts on strength this morning, helping keep the cross from straying too far from the 38.2% fibo of the decline from 156.60 at 141.54 this morning. A clean break of this area will open the way for a further retracement to the 50% level at 144.42.
The global bank bailout continues to have the desired effect; loosening up credit markets, spurring an equity rebound and reviving commodity markets pummeled by fears of a global recession.
