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Euro/dollar volatility after Geithner remarks

This article was originally published in Dairy Markets

The dollar briefly trimmed earlier losses against the euro in Wednesday morning trading in New York after US Treasury Secretary Timothy Geithner said that he was quite open to increased use of an IMF currency basket – as proposed earlier this month by China's central bank governor – while confirming that he believed in a strong US currency. The euro fell as low as €1 = $1.3525, before recovering to trade at around €1 = $1.3549. Geithner's remarks had initially been interpreted as negative for the dollar, sending it to a session low of €1 = $1.3649.

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