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US weakness may be will spread over the European economy

By:

FS Team

2008-17-01

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EUR/USD (1.4661)

European & US sessions forecast levels: 1.4565/1.4745

Trend Sessions: European – Neutral/Downward

US – Neutral

Market Focus: 8:30 AM Building Permits, Housing Starts, Initial Claims, 12:00 PM Philadelphia Fed, 4:00 AM ECB Monthly Bulletin, 5:00 AM EU Trade Balance.

Daily Strategy: The dollar was very strong against the euro after the official comments that the US weakness may be will spread over the European economy. The influence of the world biggest economy to the European Union is sure event that will happen in near term. At the same time the US currency remains under pressure due too the expecting 50 or 75 bps interest rates cut. As overall today the forecast is for movements into both directions. The dollar will test again the levels below 1.46.

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