euro vs dollar

Euro vs Dollar Chart 9 Aug 2010

Friday’s non farm payroll data helped to push the usd index below the 200 day moving average as well as adding some further bullish momentum to the euro vs dollar currency pair which once again closed the forex trading session above all three shorter term moving averages and closer to the 200 day which sits at USD1.3500 price handle.  Today’s price action has been somewhat muted as markets wait for tomorrow’s FOMC interest rate decision and statement as well as a raft of fundamental news out of China.  This month’s FED’s decision has come at a critical time for all markets given the somewhat precarious state of the US economy which threatens to tip back into recession.  Market commentators are speculating whether the FED will once again start some form of quantitative easing programme in order to give the economy some traction which will bear the brunt of such a decision.  From a technical perspective the daily chart could not be clearer, the euro continues to be bullish and does not show any sign of any kind of pullback in the short term.

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Dollar in doldrums as FED meeting looms