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Market Overview

Euro Rises On Temporary Measures


In a much needed effort to stem recent declines in the Euro, the European Central Bank announced coordinated action with several central banks of industrialized nations. Not to worry, it wasn't a spot currency market intervention. Instead, central bank officials announced that US dollar loans would be available to European lenders in the next three months – or till the end of the year.

The announcement couldn't have come at a better time. With the euro falling by about 7% in the last two weeks, the single currency needed a boost.

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