Market fails to crack parity nut
MARKET NEWS
LONDON -- The euro failed to break the 1:1 level with the US dollar last week, as traders scooped up dollars to cover positions ahead of the July 4 holiday in the US.
The market’s efforts to crack the psychological parity level, which was last achieved in late 1999, may also be hampered by a build-up of currency options at the parity level, traders and analysts said.
Traders reported a build-up of options at $1.00 and said their presence could explain the euro’s failure to break the level as
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