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EUR/USD - Central Banks to the Rescue
In unprecedented move, global central banks combined their efforts to provide liquidity. The move deemed as a first of its kind during 2011 is attempting to provide excess liquidity in a preemptive strike. The European Central Bank (ECB), the Federal Reserve, the Swiss National Bank (SNB), the Bank of Japan (BoJ), and the Bank of England (BoE) are participating in three-month dollar liquidity tender. The move has been negative for the United States dollar as all other major counterparts advanced in the process. Essentially the program allows banks around the globe, but especially in the European Union, which prior ... (full story)
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