Special Video Update – February 17, 2009 1:17am (US EST)
A special video covering events in the S&P 500 futures, Euro, and Gold
Update: 2am (US EST):
From the news wire:
Concerns over the financial sector in Europe – where Moody’s warned over Eastern banks’ troubles potentially impacting their Western “parents” with possible credit rating cuts – translated into steep losses in the Euro. Single currency bearish bias was also magnified by earlier comments from German Finance Min Steinbrueck warning that Ireland is in a difficult spot and may need a coordinated Euro Zone rescue, sending EUR/USD down to levels not seen since December 8th. A breach of 1.27 February support in EUR/USD unleashed a technical wave of USD buying, sending the pair below 1.2650. GBP and CHF followed suit to multi-session lows against USD, with the former falling below 1.42 and USD/CHF rising to 1.1740.
Spot Gold is trading sharply higher in Asia, after moving to a fresh 7-month high earlier during the session. Some dealers noted that stops were triggered after $950/oz was breached on financial sector concern from Europe. In other gold related news, Russia’s first Deputy Chairman Alexei Ulyukayev noted that the country central bank’s gold holdings increased and that Russia was seeking to continue this tendency this year.
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