Today look for a clear move above last week's high at 1.4291 to give the bulls steam and 1.4338 remains the key level for any extended rally.
This morning the Euro is making another fresh breakout attempt against the USD and having attacked the upside on more occasions than the downside in recent days, the appetite for risk seems to remain well intact.
The FOMC minutes were a disappointment for the USD yesterday - and Obama's stimulus package is unraveling as the US goverment may continue buying MBS securities in an effort to stave off the crumbling of an empire. But hey, at least he's $1M dollars richer after winning the Nobel. Maybe Obama will make an anonymous donation to Fox news.
The Euro rally toward 1.50 versus the Dollar continued as Industrial Production gained for the 4th consecutive month. Industrial Production came out at 0.9% as expected. EUR/USD traded with a low of 1.4838 and with a high of 1.4946. Today, ECB Monthly Bulletin will be released and will provide detailed analysis of current and future economic conditions. European Core CPI is expected slightly weaker with 1.2% versus 1.3% prior.
Dow 10,000 EUR/USD 150 - what do we think about that? Will the greenback continue to slide through the NY session today or can it reverse the trend? I'm looking at buying USD and selling XAU for a quick hit before the US session. With TIC Net Long term Transactions being reported, wish me luck.
The Euro continued to rise versus the Dollar trading with a low of 1.4843 and with a high of 1.4968 reaching the highest level since September 08. European consumer prices fell for a fourth month in September as energy prices dropped and companies cut jobs and reduced costs to weather the global economic slump.
LONDON -- This could end up being viewed as the week when dollar weakness became too much for the rest of the world to bear, setting the scene for tense encounters at the upcoming meeting of finance ministers from the world's 20 largest economies.
And a whole slew of European officials have practically begged the U.S. to step in and boost the buck.