Banque de France Governor Noyer says that there is general agreement that stable exchange rates are an important element in for world economic recovery. Any attempt at competitive devaluation was warned against in the G20 communique from the London meeting he says. Turning to the French economy, is is more upbeat than most, saying it could grow 1.1% in 2010.
Traders report big selling in EUR/USD on the way top session lows from a French banking behemoth while a UK clearing bank s now selling into the modest upticks. We trade now at 1.4640.