London Session – February 18, 2011 8:47 AM

The greenback has taken a sharp drop lower and the euro has been given a boost following comments from European officials. ECB Executive Board Member Lorenzo Bini Smaghi was on the wires saying that the ECB remains alert and that the bank may raise rates as price pressures mount. Spanish Finance Minister Elena Salgado reinforced that Spanish banks are solvent and approved a decree that increases capital requirement and adapts the FROB. The positive and hawkish comments sent EUR/USD to new session highs of nearly 1.3645.
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