BRIC Summit today in Russia; Medvedev will raise the issue on the status of the Dollar as reserve currency.

[RTFX-Trading]

BRIC Summit today in Russia; Medvedev will raise the issue on the status of the Dollar as reserve currency. 
 
The meeting of the BRIC (Brazil, Russia, India and China) is being held today in Russia. The market is concerned of any comment or initiative that could jeopardize the status of the US Dollar as the sole reserve currency. The remarks from Russian President Medvedev this morning that the summit would address the issue of foreign exchange reserves led to a rebound in EURUSD from 1.3750 reached last night in Asia to 1.3870 earlier today. We are informed that there are a number of buyers in the 1.3720-50 area.

Emman Xuereb

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