Concerted intervention ruled out

"We categorically rule out intervention," said Hans Redeker, global head of forex strategy at BNP Paribas in London. "It is in the interest of the US to have a weak dollar, and for the European Central Bank (ECB), the risk of undermining its credibility by intervening is very high."

"The risk of intervention before $1.35 is very low," agreed Tony Norfield, global head of FX strategy at ABN Amro in London. "Even above that level, it depends on whether euro/dollar is the sole move or if the

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