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The main theme today was Euro weakness as there was more worrisome news regarding Ireland and it was revealed that the ECB bought a large amount of bonds last week. The EUR/USD slid from its highs near 1.38. The USD was a bit stronger as US stocks slid, despite some positive US fundamentals in the form of a decent pending home sales report and good levels of capital purchases by US companies in August. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
The Euro slid against its major rivals, and broke below its support against the greenback, as the usually more hawkish ECB Council member Axel Weber said the ECB should maintain its support of banks throughout this year and any moves to remove stimulative measures should come in the 1st quarter of 2011. That pushed the Euro lower as it suggests the ECB will support the region’s banks for longer than some investors expected. News Provided by CMS Forex www.cmsfx.com Market Analyst Nick Nasad
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Maco view Fibonacci Analysis of the EURO Currency www.thetradingauthority.com
An interview with CNBC on the day of heavy rupee correction of 90 paise on a single day. According to Mr Abhishek Goenka , CEO of India Forex , rupee dollar was likely to go to 47.50 again in couple of days time and any correction in rupee’s weakening trend or euro weakening trend was very temporary in nature. According to him we are in supreme dollar strength.
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