Reuters reports that an offical in President Sarkozy’s office says that the reserve currency issue will not be discussed at the G-20 meeting, saying this is not the right forum. The official said that maybe a move away from the dollar might be a good thing over the long-term, it would be better if the dollar does not fall too much right now.
EUR/US dipped to the 1.3117 level before bouncing off the 100-day moving average. It trades now at 1.3150.