Forex News Recap 12.21.2010 – Swiss Franc Continues its March vs Euro

Today’s session saw pretty thin liquidity and some choppy trading, but we did get some key themes and reaction to several news developments. The Euro was first stronger – on supportive comments from China – but then weaker as Moody’s warned Portugal of a possible downgrade. The GBP was weaker on government borrowing figures, while the CAD slid following a report showing soft consumer inflation in November. 1. Euro Rises on China’s Comments, But Slides on Portugal Moody’s Warning — To start the global session, we had some comments from Chinese vice premier Wang Qishan said his nation had taken “concrete action” to help the European Union with its debt problems. That helped to build a little confidence behind the euro-zone as the supportive comments implied that China will boost investment in the region or provide some kind of extra liquidity. China holds a record .65 trillion in foreign-exchange reserves. Portugal has said that China is willing to invest 4 billion euros to 5 billion euros in Portuguese government debt in the first quarter of next year. The EU is China’s largest trading partner and China is the EU’s second biggest export market, so there is advantages for both to see this crisis go away. Despite the early rise in the EUR/USD following Wang’s comments, the Euro oared its gains on concern that European nations will struggle to raise funds amid a slew of credit-rating and outlook changes. We had the latest shot across the bow from Moody’s which said …
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