The US dollar advanced on light liquidity
The euro continued to deprecate versus the U.S. dollar as the single currency tested bids around the 1.4280 level. Liquidity is expected to remain relatively light ahead Christmas and the New Year's holidays. The U.S. dollar has benefited despite its negative interest rate differentials versus other currencies. The market is expecting that the Federal Open Market Committee could unwind some of its emergency lending programs earlier than previously believed. Meanwhile, June 2010 fed funds futures are implying a rate around 0.285%, above the current rate of 0.15% and current target range of 0% to 0.25%. The yen depreciated …
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