When The World’s Reserve Currency Flash Crashed: “I Haven’t Seen Anything Like It Since The Financial Crisis’!
- When The World’s Reserve Currency Flash Crashed: “I Haven’t Seen Anything Like It Since The Financial Crisis’!
by Tyler Durden, www.zerohedge.com
On Wednesday afternoon, just after the close of the market, the US Dollar, the world’s reserve currency flash crashed. This is how the WSJ described the move:
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In the latest episode Wednesday, a message from the U.S. Federal Reserve that it is in no hurry to raise interest rates caused a big slump in the dollar, which has run up a huge rally so far this year. The euro surged more than 4% against the buck, its biggest jump in a single day in 15 years, according to Deutsche Bank. Early on Thursday, the European currency resumed its slide.
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The sheer speed of the round trip in the euro-dollar exchange rate—the world’s most heavily traded currency pair—left traders and investors reeling.
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