The U.S. Treasury has decided to drop plan to on having a “bad bank” to buy up distressed assets from commerical banks. The initial reaction to this news was a rapid flee towards the YEN and USD again.

EUR suffered heavily on the initial Asia session upon U.S. Treasury decision. Together with the news that Russian banks are likely to seek rescheduling for their $400bil loans from foreign banks, EUR has once dropped towards the 1.28 level again.

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