GFT preys on vulnerable euro/yen
The online currency trading company was concerned a slowing US economy would lead to lower global appetite for risk and continued dollar weakness. "While we were slightly surprised by the strength of the euro relative to the dollar, we felt EUR/JPY, a pair that best serves as a barometer for risk appetite, was vulnerable in this environment," said Justin Biebel, foreign exchange dealer at GFT in Ada, Michigan. "Our forecast in May was for a significant dip in EUR/JPY of 800 to 1,100 pips. The
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