The markets got off to a choppy start this morning but have settled down into ranges at a surprisingly quick pace given some of the news to cross the wires today.
The most startling headline was Geithner’s comments on Obama wanting to label China a currency manipulator and the dollar’s relatively tame response to the news. It is surprising to me that in the early days of a new presidential administration the dollar did not go into freefall on a profound policy shift toward the US’s largest single financial patron.
Dealers report a large (half-billion) EUR/GBP buy order just worked its way through the market. That cross stands at 0.9430.
EUR/USD demand is rumored at the upcoming 16:00 GMT fixing.
