Euro, Pound go down
The Euro dropped to an intraday low of 1.3165 as announcements from the Obama administration flashed wide based risk aversion which drag most Asian and European equity markets by over three percent. U .S. Treasury Secretary Timothy Geithner said some banks are going to need “big amounts” of assistance, while another government official stated GM and Chrysler have to fix their revival schemes to validate additional taxpayer aid. The single currency has dragged more than 400 pips from Friday as the waning position for the region’s economy keeps on being a stressful factor.
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