IMF managing director Strauss-Kahn says the global monetary system showed resilience during the crisis and the dollar played its role. The issue of whether a new global reserve asset is needed is a loner-term question. It is “intellectually healthy” to explore questions of a new reserve asset, the MD says.
EUR/USD is building on earlier gains, now at 1.3663 as traders cover shorts on signs that the Germans are gettig their ducks in a row for a Greek bailout.
Stops reside in the 1.3700 region. On a thin, month-end Friday, I would count nothing out. Central banks have been seen taking profits on longs into strength, however,