Forex: what happened at noon?

Kicking · Nov 19, 2002

Euro, Cable and Swiss Franc dropped like sh*t , can't believe it. I can't see any news. What happened? I have my account in Euros for more than a week now and it's going nowhere. It's definitely the worst market I ever traded, very unpredictable POS these days.

AAAintheBeltway · Nov 19, 2002

The only news I saw was a Canadian official said the dollar should be firmer. Saw it at 11:40.

FX-Trader · Nov 19, 2002

Forex - Euro loses some strength after Moody's downgrades Allianz

NEW YORK (AFX) - The euro lost a bit of strength in late trade, but remained well-supported nonetheless, after being undermined slightly by news that Mooday's Investors Service downgraded German heavyweight insurer Allianz and its Dresdner Bank unit, dealers said. Moody's Investors Service downgraded the outlook for its ratings on the Allianz Group to 'negative' from 'stable' following the announcement of the group's third-quarter earnings. Moody's said the downgrade reflects the group's weakened earnings and capital position, and losses at Dresdner Bank.

Earlier in the session the euro derived strength from news that Ernst Welteke, president of Bundesbank and an ECB board member, said eurozone inflation is close to target and is expected to fall further in the first half of 2003. Dealers said the remark was received enthusiastically and was widely interpreted as a hint that the ECB may cut rates at its next meeting. They said the dollar today continued to benefit from market perception that many market players have been light on dollars. (...)
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Forex: what happened at noon?

Kicking

AAAintheBeltway

FX-Trader