EUR/USD Stabilizing After Sharp Losses
November 27, 2009 - 6:54 am by Forex District · Leave a Comment
The Euro fell sharply in tandem with global stock markets as news that Dubai attempts to reschedule its debt dampened investors confidence.
Investors piled into safe haven assets, like the Japanese Yen and the Dollar, as concerns over global banks’ exposure to Dubai debt intensify.
Dubai has liabilities in excess of $59 billion and will ask all creditors for a standstill arrangement as it tries to negotiate an extension of maturities.
EUR/USD, was able to reach a fresh 2009 high at 1.5144, before plunging over 300 points to a 1.4829 low.
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