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Tuesday, May 30, 2006

FX Closing Comments

Today was another slow day with the exception of a sharp dip for the U.S. Dollar on the news of John Snow's resignation as Treasury Secretary. The Euro spiked to 1.2910 briefly this morning and has been relatively steady, hovering at 1.2880, even though the news of Snow's departure has been expected for over a year. The pair is consolidating just above the 1.2860 support level.