Risky Assets Tumbled amid Growth Concerns. Losses Pared as Euro Rebounded on Intervention Speculations
Long liquidation of risky assets was the theme of yesterday, a day before German Parliamentary vote on the 750B euro Stabilization Fund. The euro initially reversed earlier gains to 1.23 against the dollar after Eurogroup Chairman Jean Claude Junker and the EU’s Competition Commissioner Joaquin Almunia said there’s no need to intervene on the single currency slump. The last time central banks in Europe, the US and Japan jointly bought euro to arrest its decline was in 2000.
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