Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Markets & Finance

Euro Sells Off After Greenspan Testimony

The euro proved to be the main loser in today's Fed chairman Alan Greenspan testimony trade with particular stop-loss related selling in euro-yen making matters worse. The US dollar was supported right from the NY start on a stronger than expected January retail sales report.

The data saw immediate interbank and IMM/spec selling from around the $0.9250 area which also escalated after the Fed chairman painted a less gloomy spin on US growth prospects at his mid-morning appearance before the Senate Banking Committee. He downplayed the risks of a recession, thereby reducing the perceived need for more aggressive rate cuts near-term. The euro's sell-off was further aggravated by thin NY liquidity seen in euro-yen which sank swiftly from 108 to a low of 107.

Stop related spec selling soon overwhelmed a European bank reportedly protecting the 107.90 level. USD-yen came unglued with losses into 116.50 after the o/n rumored bid (Kampo) at Y117 proved of fleeting support with IMM/interbank longs bailing in the process. Only a sharp reversal in US stocks (on less aggressive Fed easing prospects) helped the EUR limp back across $0.92.

blog comments powered by Disqus