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China announcement supported the euro

Published 05/27/2010, 06:36 AM

Today, the markets saw bright light after China denied that they were reviewing foreign-exchange assets that were in euros, while they said they will continue to hold the European investments. The announcement supported the euro to rebound from its decline versus the dollar while easing worries in markets that the debt crisis will spread throughout Europe. 

Also the announcement supported higher-yielding assets as investors became optimistic therefore turning to the euro and the pound, which supported them versus the dollar.

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