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Euro strengthens in face of U.S. economic contraction

Posted on 31 October 2008

From Ibtimes.com: The Euro continued its strength against the U.S. Dollar after today’s announcement of a decline in U.S. 3rd Quarter Gross Domestic Product and yesterday’s rate cut by the Fed. The announcement by Germany of an economic stimulus plan also helped the EUR USD appreciate.

The strong surge in the EUR USD reached a key retracement point on the charts and was met with profit-taking. This action is typical during a short-covering rally. The key resistance zone is 1.3049 to 1.3219….. Full Article: Source


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VRS - who has written 39496 posts on Opalesque Commodities Briefing.


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