New York Session – June 28, 2010 5:42 PM

The EUR came under intensified selling pressure over concerns that the one-year ECB lending facility maturing on Thursday may spark another funding crisis for European banks.  Lingering fears that European plans to slash budget deficits also weighed on the outlook for  European growth, adding further pressure on the common currency.  In EUR/USD, after failing just shy of 1.2400, the pair slid lower to finish out near 1.2280 in late NY trading.  EUR/CHF plunged to new all time lows, dropping below 1.3500 and falling to finish just below 1.3350.  In EUR/GBP, the pair dropped below 0.8200 and lost ground to end near 0.8125, its lowest level since late 2008.  The dollar was mostly steady against the JPY and held to a narrow range between about 89.10/50.  Stock markets saw minor losses, with the S&P losing around -0.2%.  Gold prices retreated sharply after attempts to push the metal to a new record high came up short.  Gold lost about -.50 to close around 38/oz.  Full text »

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