Risk aversion hinders EBU
"Over the past six weeks, given overall market volatility, we have seen many customers looking to reduce risk in their portfolio, rather than initiating new trades," said Andy Kaufmann, head of foreign exchange structuring at Barclays Capital in London.
BarCap launched the zero-interest rate currency last year as an alternative borrowing unit to low-yielding currencies such as the yen or Swiss franc (FX Week, October 1, 2007). The currency was aimed at European clients, and the bank made it
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