Whatever happened on 25 Mar 09? EURUSD moved 150 pips in 10 minutes (2 candles)Anyone care to comment about this?
PS: Nope its not news announcement; Crude Oil Inventories for US was at 10:30pm.
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The 20 pip-er
- Wu Sihao
- Offering some opinions of the financial markets. Its just my belief of the markets and most of the time; you can trade with it or against it, depending on your beliefs :p
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I got the answer!
ReplyDeleteThis is from Travelex Commentaries
"US Treasury Secretary Tim Geithner’s comments that he would be “open” to looking into the idea, proposed by the Chinese central bank, to use special Drawing Funds at the IMF as a reserve currency sent the dollar into an early slump. The dollar slid by as much as 1.3% against the euro in only 10 minutes as Geithner’s comments were received, however it recouped much of this loss about 15 minutes later, when he said that the greenback was still the dominant currency in the world and then predicted no change in the U.S currency’s role. The rapid movement of the exchange rate highlights investor’s sensitivity to any weakening role for the dollar as power shifts toward a wider group of developed and emerging nations."
Kathy Lien has a good commentary about this move.
ReplyDeletehttp://www.kathylien.com/site/forex-blog/geithner-needs-to-learn-his-lesson