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Friday, July 23, 2010
Forex Special (Barcelona) - US Markets fluctuate between positive and negative territory at opening times, while the Dollar takes back lost ground against the Pound, and specially against the Euro, ahead of the release of EU Banks' stress test results.
The Dow Jones Industrials Index trades 0.15% higher, while the Nasdaq Index dips 0.15% and the S&P Index remains practically flat in the first minutes of trading.
In absence of key macroeconomic data, Markets are focused on the release of banks' stress tests, which could increase volatility on the Euro.
EUR/USD is actually moving nervous ahead of the stress tests. The pair surged from 1.2860 to .2960 high on European trading to plunge, on thin trading conditions, at US market opening times, reaching session low levels right below 1.2800.
Likewise, the GBP/USD, which rallied around 200 pips on European session, turned down at 1.5450 week high, and pulled back 100 pips ahead of Wall Street's opening to drop to 1.5350.