Yesterday, the EUR experienced a flat trading session against the USD, as markets await the FOMC rate announcement. Interestingly, former Chairman of the Federal Reserve Alan Greenspan noted that the EUR could replace the USD as the world’s primary reserve currency as quoted by a German Magazine. Generally today’s trading session will be fueled by the USD rate announcement and more likely the EUR will react to the USD developments today. The effect of the global liquidity crisis, which has recently most been felt in the UK, is causing traders to look to unwind risky one way bets against the JPY and therefore the JPY gained 0. Japanese manufacturers’ business sentiment worsened to a two-year low in September, while the diffusion index for non-manufacturers was unchanged, matching the low seen in December 2004. read more
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