14:37 EUR/USD: Russians Announce Shift in Basket Boston, February 8. Russia shifted the composition of its currency basket to 55% USD and 45% EUR, from 60% USD and 40% EUR previously. The announcements usually follow the move which have already taken place in the market. It is safe to guess that the basket will shift further toward the EUR in the future as Russia conducts the majority of its trade with the EU.
EUR/USD extended the range into the low 1.3030s before dipping back to 1.3015. It was business as usual from Trichet, so the market will set about rebuilding expectations of several more hikes to come from the ECB. 1.3065 remains resistance on rallies. Jamie.Coleman@*.com
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