Euro Falls on End of Month Position Squaring
The Euro closed lower. Some of the weakness was triggered by diminished trader appetite for risk following the topping formation in the stock market caused by the Chrysler bankruptcy. Others feel that uncertainty over how much the European Central Bank will reduce its benchmark interest rate or what its new quantitative easing plan will encompass encouraged selling late in the session. End of the month position squaring probably had some influence on the lackluster trade also.
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