« Trade Update- GBP/AUD! | Home | GDP Tanks GBP! »
EUR/USD Breaks 1.50!
By Mike Conlon | October 22, 2009
From the “just a matter of time dept.”, the Euro reached 1.50 today against the dollar. The trend is clearly up for this pair, as US dollar weakness is no big secret. However, for as much complaining as you hear around the world regarding the weak dollar, the Euro-zone is perhaps that area that is the MOST adversely affected by it. (click chart to enlarge)
A note out of UBS today stated that, “If euro-dollar continues to gain in a volatile manner ahead of the November Group of 20, action at that meeting can be expected”. That action could be a concerted effort to weaken the EUR/USD.
So keep I’ll be keeping an eye on this pair to look for clues that would indicate that a reversal may be imminent. But for now, US dollar weakness rules “supreme”!
To follow this pair real-time, get a free practice account today!
To learn about how government actions cannot affect different currency pairs, check out our currency trading courses!
Tags: account, blog, course, currenc, currency, currency pair, currency pairs, currency trading, dollar, EUR, Euro, eurusd, forex, forextrading, free, fx, fxedu, Il, meeting, Mike Conlon, practice, practice account, time, trend, USD
Topics: What To Look At In The Market | 1 Comment »
November 7th, 2009 at 5:25 am
They definitely have something to worry about in the Euro-zone, with a USD this weak.