FOREX-Dollar's bounce runs out of steam, euro gains

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Re: FOREX-Dollar's bounce runs out of steam, euro gains

Post  XREDXR on Sat Nov 06, 2010 12:36 pm

It rallied more than 1 percent against the franc, which cameunder selling pressure due to the rise in risk appetite. Theeuro hit the day's high of 1.3050 francs, according to Reutersdata. Traders cited Swiss banks selling the safe-haven francagainst the euro, dollar and other currencies.

But strategists remained sceptical about the euro's gains,given the euro zone periphery's debt worries and banking sectorproblems surfacing again.

"It is a risk-on environment which is helping the euro, butclearly structural problems remain given widening spreads andwell known problems about its banking sector," said SimonDerrick, head of currency research at Bank of New York Mellon.

His bank's data showed demand was not recovering for marketslike Greece, Italy and Portugal.


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