Archived IMT (2010.11.17)
THERE ARE 3 POTENTIALLY destabilizing forces for risk appetite and the euro STANDING OUT from the Greece debt crisis of Jan-June; i) Greater dissent in the Irish Parliament against austere budgetary decisions than in the case of Greek parliament earlier this summer; ii) More support for irish debt restructuring by France and Germany; iii) expectations of further Chinese rate hikes; which have more market impact than raising reserve requirements. THESE ARE THE MAINF ACTORS that could make a difference in extending euro's losses, particularly against the USD. I do NOT see a close above $1.3578 today (55-day MA) which should maintain downside pressure, but no close below $1.35 (55-week MA) is seen for today.
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