Euro Quotes Under 1.2600, Maintains Thin Range

The Euro is quoting under 1.2600 against the US dollar in Asian trades, after witnessing a wild run higher in the last session. The single currency topped highs 1.2636 against the dollar as the US Fed Chief Ben Bernanke made it pretty clear that Fed would continue to pump liquidity in the form of ultra-cheap money into the financial system. 

Bernanke opined that further monetary stimulus to the banks is needed to bring about economic recovery and end the destructive effects of long-term unemployment. Further, the OECD chief Angel Gurria called upon the European Central Bank (ECB) over the weekends to give a credible signal to markets and resume bond buying to help debt-wracked Italy and Spain as soon as possible. 

Gurria was rather forthright in expressing his views about ECBs plans to buy these bonds and stated that the central bank should do it as soon as possible.  Via

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