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(The Year 2012 In Review)
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|User Info||FLASH: Greek Banks Cut Off?; entered at 2012-05-16 10:23:14|
Registered: 2007-09-04 Wilmington, NC
came across this..|
Euro falls as ECB stops monetary operations on Greek banks
As recapitalization not in place, the ECB has stopped monetary operations to some Greek banks according to ECB sources. The EUR/USD has fallen down to test lows at 1.2685. Now the pair is pricing at 1.2720.
EUR/USD spiked lower after another round of risk aversion triggered by latest ECB news, falling to 1.2687, yet bouncing back immediately towards 1.2730. "Investors are extremely sensitive to Greek news, selling the pair strongly on headlines," comments Valeria Bednarik, FXstreet.com analyst. "Currently around 1.2720, the downward pressure increases as stocks lose momentum and approach to opening levels. Below 1.2680 daily low, expect the rally to extend near 1.2625 this year low."