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Forex - EUR/USD slips as markets wary of intervention

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Forexpros - The euro edged lower against the U.S. dollar on Monday, with the pair looking likely to remain rangebound ahead of a speech by Federal Reserve Chairman Ben Bernanke on Friday.

EUR/USD hit 1.4351 during late Asian trade, the daily low; the pair subsequently consolidated at 1.4354, slipping 0.26%.

The pair was likely to find support at 1.4258, Friday's low and a four-day low and resistance at 1.4452, Friday's high.

Concerns over the outlook for global economic growth as well as persistent worries about euro zone sovereign debt issues continued to weigh on risk appetite and bolstered demand for safe-haven assets.

Investors also remained wary amid speculation that Japanese officials could intervene in currency markets to curb the yen's gains after Japan's finance minister Yoshihiko Noda warned that the country would take decisive action against any speculative moves.

The euro was also lower against the pound, with EUR/GBP shedding 0.37% to hit 0.8709.

Also Monday, German Finance Minister Wolfgang Schaeuble said in a radio interview that the euro remained a stable currency, adding that markets still had confidence in the single currency.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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