The euro stabilized against the dollar after the Swiss franc grabbed attention with its plunge to a two-month low, but markets remain on edge for another move lower in the common currency, with $1.25 the next area of support, says George Dowd, head of Chicago foreign exchange at Newedge USA. "That's going to be a contentious level in the euro on the downside," he said. "We're getting to a point where positions are getting fairly extreme in one direction." With speculators almost uniformly long dollars and short euros, the common currency will be sensitive to quick rallies triggered by stop-losses, he said. Late Thurs morning in NY, euro is near-unchanged on day at $1.2587, according to EBS via CQG.
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